US Crude Oil Exports Hit Record High in 2023

Record-Breaking Performance: US crude oil exports hit an all-time high in 2023, averaging 4.1 million barrels per day (b/d), a 13% increase over 2022, per the US Energy Information Administration (EIA).

Consistent Growth: Since the lifting of export bans in 2015, US crude exports have steadily risen annually, showcasing the nation's expanding role in global energy markets.

Driving Factors: Rising US crude production, reaching 12.9 million b/d in 2023, and mismatches between domestic production and refining capacity have fueled export growth.

Key Destinations: Europe, Asia, and Oceania are top destinations for US crude, with European exports surging post-Russia's Ukraine invasion, averaging 1.8 million b/d in 2023.

The surge in US crude exports reflects its growing significance in global energy trade, driven by production growth and strategic market shifts.