U.S. crude oil exports reached a new record in 2024

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U.S. crude oil exports in 2024 surpassed the previous record set in 2023, exceeding an annual average of 4.1 million barrels per day (b/d). Despite this new record, crude oil export year-over-year growth slowed to 1% in 2024, compared with 14% in 2023 and 21% in 2022.

Crude oil production in the U.S. Lower 48 (L48) states, which does not include Alaska or offshore production, reached a record in November 2024, allowing for a greater supply of crude oil to export. Increased production efficiency counteracted a decrease in the number of active oil rigs, resulting in L48 production increasing 3% last year. Unlike in the L48 states, production in Alaska and offshore in the Gulf of America decreased last year because of natural declines in both areas and because of disruptions to crude oil production resulting from above-average hurricane activity in 2024 in the Gulf.

Europe and the Asia and Oceania region remained the top regional destinations for U.S. crude oil exports. U.S. crude oil exports to Europe have grown significantly in recent years, particularly after Europe banned seaborne crude oil imports from Russia in late 2022.

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For a second consecutive year, the Netherlands, home to a large crude oil storage and trading hub in Rotterdam, received more U.S. crude oil exports than any other country in 2024, averaging 825,000 b/d (32% growth from 2023).

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Despite China receiving the second-most U.S. crude oil in 2023, exports to China dropped by 53% in 2024 to 217,000 b/d. A net decline in transportation fuel demand in China, which led to a decrease in overall Chinese demand for imported crude oil, and increased crude oil imports from Malaysia and Russia decreased Chinese demand for U.S. crude oil.

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U.S. crude oil exports to India increased 32% in 2024, bouncing back from relative lows in 2023.

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