Commodities Buzz: US Crude oil exports hit fresh record in 2024 but annual growth slows to just 1%

The Energy Information Administration or EIA stated in a latest update that 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.

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. The volume of U.S. crude oil exports to Europe also increased following S&P Global’s 2023 decision to include West Texas Intermediate (WTI) crude oil in European crude oil benchmark Dated Brent, EIA noted.

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