US crude oil exports rise to record high in 2024: EIA

US crude oil exports in 2024 surpassed the previous record set in 2023, exceeding an annual average of 4.1 million barrels per day (bpd).

Europe as well as the Asia and Oceania region remained the top regional destinations for US crude oil exports.

The Energy Information Administration (EIA) stated that, despite this new record level, the growth of crude oil exports slowed to 1% in 2024, compared to 14% in 2023 and 21% in 2022.

For a second consecutive year, the Netherlands, home to a large crude oil storage and trading hub in Rotterdam, received more US crude oil exports than any other country in 2024, averaging 825,000 bpd (32% growth from 2023).

Overall, crude oil exports to Europe increased by 6% to 1.93 million bpd in 2024, with decreases in exports to Spain, France, and Italy outweighed by increases to Germany, the UK, and the Netherlands.

Despite China receiving the second-most US crude oil in 2023, exports to China dropped by 53% in 2024 to 217,000 bpd.

US exports to Asia overall fell by 131,000 bpd to 1.58 million bpd, as increased exports to South Korea, Singapore, and India were offset by the decrease in exports to China.