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U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2024
Published by U.S. Energy Information Administration on April 7, 2026.
EIA's April 7, 2026, report: U.S. crude and lease condensate proved reserves were 46.0 billion barrels at year-end 2024.
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… <p>In 2024, for the second consecutive year, average spot prices of both crude oil and natural gas in the United States decreased from recent highs in 2022. Proved reserves of crude oil and natural gas decreased 1% and 3%, respectively, compared with 2023.</p> <h3>Oil highlights 2024</h3> <ul> <li>U.S. crude oil and lease condensate proved reserves decreased 1% from 46.4 billion barrels to 46.0 billion barrels at year-end 2024.</li> <li>U.S. crude oil and lease condensate production increased 2% in 2024.</li> <li>Texas crude oil and lease condensate reserves decreased 3% in 2024, the largest annual net decline (529 million barrels) reported among all states. The second-largest net decline of oil reserves occurred in North Dakota (11%, or 487 million barrels).</li> <li>The price of West Texas Intermediate (WTI) crude oil at Cushing, Oklahoma, decreased 1%, from $77.58 per barrel (b) in 2023 to $76.63/b in 2024.</li> …
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- The White House says 100-year rights to 17 Venezuelan oil fields. Caracas says 25 years, renewable. · cited for 46.0 billion barrels, the figure the White House rounds as roughly 46 billion
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Timeline entries this record anchors: Crude and gasoline around the fact sheet.