According to the US EIA, the United States' crude oil exports in 2024 exceeded an annual average of 4.1 mb/d, surpassing the previous record set in 2023. However, crude oil export year-over-year growth slowed to 1% in 2024, compared with 14% in 2023 and 21% in 2022. L48 states production increased by 3% in 2024 despite a decrease in the number of active oil rigs thanks to an increase in production efficiency. Production in Alaska and offshore in the Gulf of Mexico decreased because of natural declines in both areas and climate disruptions. US crude oil exports went mainly to Europe (1.9 mb/d), and to Asia and Oceania (1.6 mb/d).
The Netherlands was the main receiving countries of US crude exports with 825 kb/d (+32% compared to 2023), followed by South Korea and Canada. Crude exports to China - the second largest importer of US crude oil in 2023 - fell by 53% in 2024 to 217 kb/d. India’s consumption of US crude oil increased during 2024, replacing Russian oil with US crude oil due to a reduced profit margin from Russian discount oil (+55 kb/d).
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