U.S. Crude Oil Exports Hit New Record in 2024

SEATTLE (Oil Monster): The U.S. Energy Information Administration (EIA) stated that the country’s crude oil exports hit a new record during the previous year, surpassing the earlier record set in 2023. The exports exceeded an annual average of 4.1 million barrels per day (b/d) in 2024. However, the year-on-year growth in exports slumped to 1% in 2024, compared with 14% in 2023 and 21% in 2022.

The production of crude oil in the U.S. Lower 48 states touched a new record in November last year, as a result of which supply of crude oil for export witnessed a big boost. The L 48 states production jumped higher by 3% over the prior year. The increased production efficiency more than offset dip in active oil rigs. Meanwhile, the hurricane in the Gulf led to dip in production in Alaska and offshore in the Gulf of America.

The top export destinations of U.S. crude oil in 2024 were Europe and the Asia and Oceania regions. The exports to European countries have witnessed significant growth in recent years, following Europe’s ban on seaborne crude oil imports from Russia and S&P Global’s decision to include WTI crude oil in European crude oil benchmark. The overall exports to Europe surged higher by 6% to 1.93 million b/d in 2024.

The single largest importer of U.S. crude oil was the Netherlands, which received an average of 825,000 b/d. The exports to the UK and Germany too increased. On the other hand, exports to Spain and France recorded year-on-year decline.