U.S. Petroleum Exports Reach Record High in 2024: EIA

U.S. total petroleum product exports rose to a record annual average of 6.6 million barrels per day (b/d) during 2024, according to an April 23 report published by the U.S. Energy Information Administration. U.S. petroleum product exports during 2024 rose by 495,000 b/d compared to 2023, in line with higher U.S. exports of distillate fuel oil and jet fuel. Distillate fuel oil holds the largest share of transportation fuel exports. Distillate exports rose 182,000 b/d to around 1.3 million b/d during 2024, and still remain below the yearly record during 2017 of 1.38 million b/d.

Mexico, the largest importer of U.S. distillate fuel oil, accounted for 21 percent or 272,000 b/d of total U.S. distillate exports during 2024. Chile, the Netherlands, the UK and Peru totaled 368,000 b/d or 28 percent of total U.S. distillate exports during 2024.

Brazil, a large market for U.S. distillate fuel oil, accounted for only three percent or 41,000 b/d of U.S. exports during 2024. The decline in volume of U.S. distillate in the Brazilian market can be attributed to sanctions by European countries on Russian distillate imports, following the Russian invasion of Ukraine. The sanctions led to a change in trading dynamics, with Brazil increasing imports of cheaper distillate from Russia in 2024 and reducing its reliance on the U.S. Meanwhile, the Netherlands and the UK imported higher volumes from the U.S.

U.S. jet fuel exports rose to 209,000 b/d during 2024, compared to 2023, however remained below pre-coronavirus levels. Mexico accounted for 30 percent or 63,000 b/d of total U.S. jet fuel exports last year, their highest on record. U.S. jet fuel has also accounted for a record high share of U.S. refinery output during 2024 due to higher demand for jet fuel compared to other transportation fuels.