The Trump administration is prioritizing oil production, with the Maritime Administration approving a deepwater port that can export 2 million barrels daily.
Exports of American crude oil surged last year to a new high, with Europe remaining a major customer for the United States, according to the latest data from the Energy Information Administration (EIA).
“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),” the agency said in an April 10 report.
Despite the new record, crude oil export year-over-year growth slowed in 2024 to 1 percent, well below 2023’s 14 percent growth and 2022’s 21 percent.
Crude oil production in the lower 48 states, which excludes Alaska and offshore output, hit a record high in November. This added more supply to the market for exports.
Even though the number of active oil rigs fell in the states, a boost in production efficiency compensated for the decline. As a result, production in the lower 48 rose 3 percent in 2024.
In contrast, oil output in Alaska and offshore in the Gulf of America fell last year, with the EIA blaming the decline partly on production disruptions triggered by hurricane activity.
In terms of leading markets for U.S. oil, Europe and the Asia and Oceania region remained the top regional destinations, the agency said. Crude oil exports to Europe rose by 6 percent last year.
Exports to Europe “have grown significantly in recent years, particularly after Europe banned seaborne crude oil imports from Russia in late 2022,” according to the report.
“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,” the report said.
The Netherlands was the top importer of American crude oil in 2024, with South Korea, Canada, the UK, and Singapore rounding up the top five spots.
While China was the second biggest market for U.S. oil in 2023, the country slipped to the eighth position last year as exports dropped by 53 percent. Meanwhile, crude exports to India rose 32 percent.
U.S. crude oil exports could rise further under the Trump administration, as President Donald Trump has taken steps to boost U.S. output.
