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(UrduPoint / Pakistan Point News / WAM - 12th Apr, 2025) , 12th , 2025 (WAM) – U.S. crude in 2024 surpassed the previous record set in 2023, exceeding an annual average of 4.
1 barrels per day (b/d). Despite this new record, crude export year-over-year growth slowed to 1% in 2024, compared with 14% in 2023 and 21% in 2022, according to the Energy Information Administration (EIA). Crude production in the U.
S. Lower 48 (L48) states, which does not include Alaska or offshore production, reached a record in 2024, allowing for a greater supply of crude to export. Increased production efficiency counteracted a decrease in the number of active rigs, resulting in L48 production increasing 3% last year.
Unlike in the L48 states, production in Alaska and offshore in the Gulf of America decreased last year because of natural declines in both areas and because of disruptions to crude production resulting above-average hurricane activity in 2024 in the Gulf. Europe and the and Oceania region remained the regional destinations for U.S.
crude . U.S.
crude to have grown significantly in recent years, particularly after banned seaborne crude imports in late 2022. The volume of U.S.
crude to also increased following S&P Global’s 2023 decision to include West Texas Intermediate (WTI) crude in European crude benchmark Dated Brent. For a second consecutive year, the , home to a large crude storage and trading in , received more U.S.
crude than any other country in 2024, averaging 825,000 b/d (32% growth 2023). Overall, crude to increased by 6% to 1.93 b/d in 2024, with decreases in to , , and outweighed by increases to , the , and the .
Despite receiving the second-most U.S. crude in 2023, to dropped by 53% in 2024 to 217,000 b/d.
A net decline in transportation fuel demand in , which led to a decrease in overall demand for imported crude , and increased crude imports and decreased demand for U.S. crude .
U.S. to overall decreased by 131,000 b/d to 1.
58 b/d as increased to , , and were offset by the decrease in to ..
