The United States has achieved record high oil production levels, producing 13.3 million barrels per day in December 2023. Production finally surpassed pre-COVID levels of 13 million barrels in October 2023 with this output contributing to increased global oil supply, influencing market dynamics and exerting downward pressure on prices. Oil prices sank to their lowest levels since July and are sitting on the verge of a bear market, down over 20% from September highs.