U.S. Crude Oil Exports Hit Fresh Peak in 2023

Europe emerged as the top export destination for U.S. crude oil in 2023.

SEATTLE (Oil Monster): The latest data published by the U.S. Energy Information Administration (EIA) indicates that the U.S. crude oil exports hit an all-time record during the previous year.

The exports averaged at 4.1 million barrels per day (b/d), significantly higher by 13% from the peak exports recorded in 2022. The country’s crude oil exports have registered year-on-year surge in every year since 2015, except for 2021.

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The export surge was partly attributed to increased crude oil production in the U.S. In 2023, the country produced record high 12.9 million b/d, higher by almost 1 million b/d from the previous year.

Europe emerged as the top export destination for U.S. crude oil in 2023. The extended EU sanctions on imports of seaborne crude oil from Russia accounted for the continued jump in U.S. crude oil exports to the region in 2023. The exports to the region averaged at 1.8 million b/d. The inclusion of WTI crude oil in the European crude oil benchmark in May last year too contributed to the increased volume of U.S. crude oil exports.

Meantime, the second largest importer of crude oil from the U.S. was the Asia and Oceania, which saw average imports of 1.7 million b/d during the year.

Among counties, Netherlands recorded highest growth in volume of crude oil exports from the U.S. The exports to the country surged higher by 82% in 2023. The second largest destination was China.