U.S. Energy Information Administration said April 10 the nation’s crude oil exports reached a record in 2024. Exports erased the record set in 2023 by exceeding an annual average of 4.1 million barrels per day. But despite the record, growth of crude oil exports year-over-year slowed to 1 percent in 2024 compared with 14 percent in 2023 and 21 percent in 2022.
Crude oil production in U.S. lower 48 reached a record in November 2024 to provide a greater supply of crude oil to export. Increased production efficiency counteracted a decrease in the number of active oil rigs.
Europe and the Asia and Oceania region remained the top regional destinations for U.S. crude oil exports. And for a second straight year, the Netherlands received more U.S. crude oil exports than any other country in 2024.