How Much Oil Does the US Export? Data & Trends
Uncover the dynamic landscape of US oil exports. This article offers an in-depth look at its scale, characteristics, and market influences.
The United States has transitioned from a major net oil importer to a substantial exporter of crude oil and petroleum products. This transformation has reshaped international trade and global energy dynamics. Increasing domestic production allows the US to meet its own energy demand and supply international markets.
Current US Oil Export Volumes
In 2024, US crude oil exports averaged over 4.1 million barrels per day (b/d), surpassing the 2023 record. Total petroleum exports, encompassing both crude oil and refined products, also reached record highs, averaging 10.8 million b/d.
Refined petroleum products constitute a larger share of total US petroleum exports than crude oil. In 2024, petroleum product exports averaged 6.6 million b/d. This figure includes distillate fuel oil, jet fuel, and gasoline.
Historical Trends in US Oil Exports
For decades, US crude oil exports were restricted by a ban enacted in 1975, following the 1973 oil embargo. This prohibition, part of the Energy Policy and Conservation Act, aimed to protect domestic consumers and ensure energy independence. The policy severely limited crude oil sales abroad.
In December 2015, the 40-year-old crude oil export ban was repealed. This change was driven by a dramatic increase in domestic oil production, largely due to advancements in hydraulic fracturing and horizontal drilling, known as the shale revolution. Following the ban’s lift, crude oil exports climbed steadily, increasing from less than 0.5 million b/d in 2015 to 4 million b/d by 2023. This policy reversal allowed US producers greater access to international markets.
Types of US Oil Exports
US oil exports are primarily categorized into crude oil and refined petroleum products. Crude oil is raw, unrefined petroleum. Refined petroleum products are processed from crude oil and include fuels and petrochemical feedstocks.
These refined products encompass gasoline, diesel fuel, jet fuel, and hydrocarbon gas liquids (HGLs) like propane. Historically, refined products have made up the vast majority of US petroleum exports due to the country’s extensive refining capacity. While crude oil exports have increased since the 2015 ban repeal, refined petroleum products continue to constitute the largest portion of total US petroleum exports.
Key Destinations for US Oil Exports
The United States exports its oil and petroleum products globally. In 2024, the Netherlands was the top export destination for US crude oil, averaging 825,000 b/d. Other major destinations included South Korea, Canada, the United Kingdom, and Singapore.
For total petroleum exports (crude and refined products), Mexico and Canada frequently appear among the top importers. Europe and the Asia and Oceania regions have consistently remained primary regional destinations for US crude oil exports. Exports to Europe increased following the region’s ban on Russian seaborne crude oil imports in late 2022.
Factors Driving US Oil Exports
Economic and market factors influence the volume of US oil exports. A primary driver is robust domestic production, particularly from shale formations, which results in a surplus of certain crude oil grades beyond what US refineries can efficiently process. This oversupply creates an economic incentive for producers to seek international buyers.
Global demand for petroleum products also plays a role, with US refiners exporting excess production to meet consumption needs in other regions. Price differentials between US crude oil benchmarks, such as West Texas Intermediate (WTI), and international benchmarks like Brent can make US crude more attractive to foreign buyers. Infrastructure, including pipelines and export terminals along the Gulf Coast, is essential for transporting crude oil and refined products to international markets.