Analysts at Rapidan Energy estimate US output will average 13.3 million barrels a day next year, up from 2023's average of 13 million and above the current all-time record of 13.2 million reached in September.That comes as US oil giants Exxon Mobil and Chevron recently announced increases in their capital expenditure budgets for 2024 as they pour more money into the Permian Basin, the epicenter of the shale boom.
Texas is fast approaching 50% of total US oil production.