There’s an oil boom.
In 2024, U.S. crude oil exports reached an all-time high, with Europe remaining a key market for American oil, according to the latest data from the Energy Information Administration (EIA). The U.S. exported an average of 4.1 million barrels per day, surpassing the previous record set in 2023. However, year-over-year growth slowed to just 1 percent, a significant drop from the 14 percent growth seen in 2023 and 21 percent in 2022.
Despite a decrease in the number of active oil rigs, production efficiency improvements helped boost output, leading to a 3 percent rise in crude oil production from the lower 48 states. However, oil production in Alaska and the Gulf of Mexico declined in 2024, partly due to disruptions caused by hurricanes. Europe and Asia/Oceania remained the leading regions for U.S. crude exports, with shipments to Europe increasing by 6 percent. This growth was fueled by Europe’s ban on seaborne crude oil imports from Russia and the inclusion of U.S. West Texas Intermediate (WTI) oil in European crude benchmarks.
The Netherlands emerged as the top importer of U.S. crude in 2024, followed by South Korea, Canada, the UK, and Singapore. Exports to China, which was the second-largest market in 2023, saw a dramatic 53 percent decline, while exports to India rose by 32 percent.
Under the Trump administration, U.S. crude exports could rise further. On his first day in office, Trump signed an executive action to expedite energy projects in Alaska, aimed at unlocking the state’s vast oil resources. Additionally, the Department of Transportation approved the construction of a deepwater port off the Texas coast, which could facilitate the export of up to 2 million barrels of crude oil per day. Despite the increase in exports, recent trade policy changes, including tariffs and OPEC+ production increases, have caused volatility in oil prices, with Brent Crude futures falling from $74 to $64 per barrel in early April. The EIA forecasts continued price fluctuations as market participants assess the impact of these policies. Meanwhile, the Department of the Interior has increased its estimate of oil and gas reserves in the Gulf of Mexico, further underscoring America’s energy potential.
