US Crude Oil Exports Hit Record High: EIA

The Trump administration is prioritizing oil production, with the Maritime Administration approving a deepwater port that can export 2 million barrels daily.

Part of the Trans-Alaska Pipeline System runs past the Alaska Range mountains, near Delta Junction, Alaska, on May 5, 2023. Mario Tama/Getty Images

Exports of U.S. crude oil surged in 2024 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 stated 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 growth.

Crude oil production in the 48 contiguous U.S. states, which excludes Alaska and offshore output, hit a record high in November 2024. 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 by 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 in 2024.

“[Exports to Europe] have grown significantly in recent years, particularly after Europe banned seaborne crude oil imports from Russia in late 2022,” the report states.

“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 Netherlands was the top importer of U.S. crude oil in 2024, with South Korea, Canada, the UK, and Singapore rounding out the top five.

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 by 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.

On his first day in office, Trump signed a presidential action aimed at “unleashing Alaska’s extraordinary resource potential.” The action ordered the expedited leasing of energy and natural resource projects in the state.

Following the order, the Department of the Interior said in March that it was aiming to reopen up to 82 percent of the roughly 23 million-acre National Petroleum Reserve in the state for leasing purposes that would tap into the region’s energy potential.

In February, the Department of Transportation’s Maritime Administration approved the construction of a deepwater port off the Texas coast capable of shipping up to 2 million b/d of crude oil to foreign nations.

“With this approval, we are increasing our energy revenue and unlocking our vast oil resources—not just for domestic security, but to dominate the global market,” Transportation Secretary Sean Duffy said at the time.

Oil Volatility

An April 10 short-term energy outlook report from the EIA forecast volatility in crude prices because of recent tariffs.

Earlier this month, Trump announced a baseline tariff of 10 percent on all imports as well as additional reciprocal tariffs on a country-by-country basis. The reciprocal tariffs were recently paused for a period of 90 days.

Meanwhile, the administration decided to maintain a high tariff rate on Chinese imports at 145 percent, with Beijing announcing tariffs on U.S. imports at 125 percent.

Amid the tariff announcements, OPEC+ members had an announcement of their own: higher-than-expected production increases beginning in May, which will add more supply to the market.

Brent Crude Oil Futures (BZW00) prices have fallen from about $74 per barrel on April 2 to trade at roughly $64 per barrel, as of 1:15 p.m. EDT on April 11.

“Recent developments in trade policy and oil production led to a significant drop in oil prices during the first week of April,” the EIA stated.

The report predicted that prices for crude oil and other commodities “will continue to experience significant volatility as market participants assess the effects of trade policies.”

Meanwhile, the Department of the Interior recently raised its estimate for oil and gas reserves in the Gulf of America Outer Continental Shelf by 1.3 billion barrels of oil equivalent, bringing the total estimated reserve to 7.04 billion barrels of oil equivalent.

“This new data confirms what we’ve known all along—America is sitting on a treasure trove of energy, and under President Trump’s leadership, we’re unlocking it,” Interior Secretary Doug Burgum said.

“The Gulf of America is a powerhouse, and by streamlining permitting and expanding access, we’re not just powering our economy—we’re strengthening our national security and putting thousands of Americans back to work.”