U.S. Crude Oil Exports Reach Record High During 2024: EIA

U.S. crude oil exports exceeded 4.1 million barrels per day (b/d) during 2024, surpassing the previous record set during 2023, according to an April 10 report published by the U.S. Energy Information Administration. Despite the increase in crude oil exports, year-on-year growth slowed to one percent during 2024, compared with 14 percent during 2023 and 21 percent in 2022.

Crude oil production in the U.S. Lower 48 states reached a record high during November 2024, allowing for a higher amount of crude oil to be exported. Enhanced production efficiency led to a production increase of three percent during 2024.

Oil and natural gas companies are increasingly leveraging technological advances, including artificial intelligence, electronic hydraulic fracturing technologies, and automated drilling processes, to optimize operations while operating fewer rigs. This shift toward digital solutions has improved drilling and completion techniques and reduced rig downtime, and it provides advanced analytics to help target future operations. These technological solutions have allowed producers to increase production rates for rigs as they drill new wells.

U.S. crude oil exports to Europe and the Asia and Oceania region remained high during 2024. U.S. crude oil exports to Europe have increased over the last few years, following the Russian invasion of Ukraine and the consequent sanctions on crude oil imports from Russia. U.S. crude oil exports to Europe increased by six percent to 1.93 million b/d in 2024.The Netherlands received the highest volume of U.S. crude oil compared to other countries, for a second consecutive year and averaged 825,000 b/d, up 32 percent compared to 2023.

U.S. crude oil exports to Asia declined by 131,000 b/d to 1.58 million b/ during 2024, in line with lower exports to China. U.S. crude oil exports to China declined by 53 percent during 2024 to 217,000 b/d, due to lower Chinese transportation fuel demand.

U.S. crude oil exports to India rose 32 percent during 2024 compared to the previous year. During 2023, Indian crude oil imports from Russia rose due a price incentive on Russian crude, following sanctions that capped Russian crude oil export prices. During 2024, the price incentive on oil from Russia tapered, and therefore Indian imports of Russian oil declined, resulting in a 55,000 b/d increase in U.S. crude oil exports to India.