U.S. crude oil exports rose to an all-time high of 4.1 million b/d in 2024, driven by record shale oil output amid improving production efficiency, the Energy Information Administration said Thursday.
EIA said Europe, Asia and the Oceania region of Australia and New Zealand were the top regional destinations for U.S. oil exports last year. The agency said U.S. crude oil exports to Europe have grown significantly in recent years after the European Union banned seaborne crude oil imports from Russia in late 2022.
The Netherlands, home to the oil storage and trading hub Rotterdam, received more U.S. crude oil exports than any other country in 2024, averaging 825,000 b/d, for a 32% growth year to year. Overall, exports to Europe rose by 6% to 1.93 million b/d in 2024, EIA said.
U.S. oil exports to China fell 53% to 217,000 b/d in 2024 due to a decline in transportation fuel demand and increased imports from Malaysia and Russia, according to EIA.
U.S. crude oil exports to India increased 32% in 2024, driven by less Russian imports due to narrowing price discounts, the agency said.
On domestic oil supply, the agency said increased production efficiency more than offset a decrease in the number of active oil rigs, driving crude oil output in the Lower 48 U.S. states 3% higher last year.
On the other hand, oil production in Alaska and the Gulf of Mexico fell due to natural declines in both areas and disruptions as a result of above-average hurricane activity in 2024, EIA said.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
April 10, 2025 15:05 ET (19:05 GMT)
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