Drilling activity in the US increased in 2022
US oil and gas output on the rise
Surging crude prices prompted increased drilling activity last year, but debt and financing issues constrained growth
Drilling activity in the US increased by 51.3pc on an average yearly basis in 2022, driving crude production up to 11.9mn bl/d and marking a 6.4pc increase compared with the 11.2mn bl/d averaged in 2021. The increased output was augmented by US companies completing a large backlog of drilled-but-uncompleted (Duc) wells in two major oil shale basins. WTI started 2022 at $83.22/bl and climbed steadily throughout the year, despite rising interest rates, fears of economic recession and restricted Russian supply caused by the war in Ukraine. Crude prices hit a 15-year high in June 2022, at $114.84/bl, before falling back down and ending the year at $76.44/bl. The surge in commodity prices caused
Also in this section
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
