As of 2023, both countries have increased both their oil and gas production, reached record targets and even competing for who gets the price for the largest source of crude supply growth to the global market. As of December 2023, the US became the largest oil producer in the world with 13.5 million barrels of oil produced per day. In early 2024, Canada produced 4.9 million barrels per day, becoming the fourth largest oil producer behind the US, Saudi Arabia and Russia (Financial Post). Both countries are expected to hit new records in 2024, with respectively 14 million bpd and 5.4 million bpd.