US Oil Exports total value $117.16 billion in 2023

The US is known for its rich mineral oil and crude oil reservoirs, being one of the top oil exporters in the world Currently the US exports oil to 173 countries. US oil exports set a record in 2023, 13% (482,000 barrels per day) more than the preceding yearly record set in 2022. The US oil exports accounted for $117.16 billion in 2023, an increase of 1% from the previous year. The US is the 2nd biggest oil exporter, only behind Saudi Arabia which is the biggest oil exporter in the world. The US is also the biggest oil producer globally. 

Since 2015, when the United States lifted its restriction on the majority of crude oil exports, U.S. oil exports have climbed annually, except for 2021. U.S. oil exports have increased with growth in the country's oil output. The United States produced a record 13.5 million barrels of crude oil per day in 2023, up 1.0 million barrels (or 9%) from the previous year. Although the majority of oil produced in the US is light, sweet oil, many American refineries are designed to process heavy, sour oils, which provides market participants with export incentives. In this article, we will explore a detailed analysis of the US oil exports, market trends, top export partners, and oil export statistics for the year 2023-24.

Key Market insights into the US oil exports

• In Q1 2024, US oil exports reached a total value of $30.55 billion, making oil the second largest export commodity for the US, accounting for 5.8% of global oil exports.

• The US is also the world's number 1 oil producer with a total quantity of 827.1 million metric tons of oil produced in 2023.

• US oil exports increased by 14% in 2023, equating to an additional 485,000 barrels per day (b/d) compared to the record set in 2022, as reported by the US Census Bureau.

• The rise in US exports is primarily linked to increased oil production, which averaged about 13.5 million barrels per day in 2023, a boost of 671,000 barrels per day from the previous year according to the US Energy Information Administration (EIA).

• While major shale producers concentrated on profit-sharing and debt reduction, private operators ramped up production, benefiting from improved efficiency.

• Offshore oil output in the Gulf of Mexico contributed to US crude production, increasing to 1.87 million barrels per day from January to November 2023, which is 144,000 barrels per day higher than the previous year.

• According to latest US oil export data to the Asia-Pacific region rose by 11% in 2023, with China's imports of US crude doubling to 460,000 barrels per day, while India's imports decreased to about 165,000 barrels per day due to a preference for discounted Russian crude.

Where does the US Export oil: The Major US Oil Buyers

According to the latest oil export statistics for 2023, The US exports the most oil to the Netherlands worth $19.26 billion and a 16.4% market share, followed by China and South Korea. 

In 2023, the Netherlands was the biggest importer of U.S. oil, averaging 652,000 barrels per day. At 452,000 barrels per day on average in 2023—more than twice as much as in 2022—China became the second-largest recipient of US oil exports. Europe, Asia, and Oceania have been the leading markets for U.S. oil exports since 2018. Following the consequences of Russia's full-scale invasion of Ukraine and the addition of West Texas Intermediate (WTI) crude oil to Dated Brent, Europe emerged as the leading export destination in 2023.

After Russia's complete invasion of Ukraine and subsequent EU sanctions prohibiting the import of seaborne crude oil from Russia (approved June 3, effective December 5), 

U.S. crude oil exports to Europe grew dramatically in 2022. In 2023, U.S. oil exports to Europe continued to rise as a result of these restrictions. In 2023, the United States' average daily crude oil shipments to Europe were 1.8 million barrels per day, which was somewhat higher than the 1.7 million barrels per day average to Asia and Oceania. The top 10 US oil export partners in 2023 include:

1. Netherlands: $19.16 billion (16.4%)

2. China: $13.10 billion (11.2%)

3. South Korea: $12.06 billion (10.3%)

4. Canada: $10.13 billion (8.6%)

5. Singapore: $7.86 billion (6.7%)

6. United Kingdom: $7.21 billion (6.2%)

7. Taiwan: $6.12 billion (5.2%)

8. Spain: $5.77 billion (4.9%)

9. India: $4.83 billion (4.1%)

10. Italy: $4.43 billion (3.8%)

Major oil export market trends in the US

• US oil export rank globally: 4th

• Total US Oil Trade Size: $289.58 billion

• US Oil Industry Market Size: $604.8 billion

• The fastest growing US oil market between 2022-2023: China (88%)

• Oil market CAGR: 3.8% from 2023 to 2030

• US oil export GDP share: 8%

• USA oil trade balance: $55.26 billion

• US oil market employment size: 129K 

• US oil market by type of deployment: Upstream, Midstream, Downstream

Segments Covered in the US Oil Export Market

1. By Class: When it comes to US oil exports, three main classes dominate the market - Paraffinic Oil, Aromatic Oil, and Naphthenic Oil or crude oil class types such as light oil, heavy oils, non-sticky oils, and non-fluid oils. Each class offers unique properties and benefits, making them suitable for specific applications in various industries. From lubricants to pharmaceuticals, US oil exports cover a wide range of classes to meet different market demands.

• Paraffinic Oil

• Aromatic Oil

• Naphthenic Oil

• Light, Volatile Oil

• Non-Sticky Oils

• Heavy, Sticky Oils

• Non-fluid Oils

2. By Grade: Within each class of US oil exports, different grades are available to cater to specific industry requirements. Industrial Grade, Pharmaceutical Grade, Cosmetic Grade, and Food Grade oils are the most commonly exported grades from the United States. Whether it's for industrial use or consumer products, US oil exports come in various grades to ensure quality and performance across different applications.

• Industrial Grade

• Pharmaceutical Grade

• Cosmetic Grade

• Food Grade

3. By Application: The versatility of US oil exports is meditated in the extensive variety of applications they serve throughout exclusive industries. From lubricants and pharmaceuticals to cosmetics and personal care products, oil exports from the US play a crucial role in ensuring the clean functioning of diverse sectors. Whether it's for the meals industry, tires, agriculture, or textiles, US oil exports locate their manner into numerous applications.

• Lubricants

• Pharmaceuticals

• Cosmetics & Personal Care

• Food Industry

• Electrical And Industrial

• Tires/Rubbers

• Agriculture

• Polymers

• Packaging

• Textile

• Adhesives

• Coatings/Inks

• Others

US oil exports and production In the last 10 Years

What is the oil export record set by the US?

US oil exports hit a record in 2023, averaging 4.1 million barrels per day (b/d), 13% (482,000 barrels per day) more than the preceding yearly record set in 2022. Since 2018, the top three countries for US oil exports have been Europe, Asia, and Oceania. In 2023, the world record for oil production per day, including condensate, was surpassed by the United States, with an average of 12.9 million barrels per day. This record was set in 2019 for both the US and the rest of the world. The US produced over 13.3 million barrels of oil per day on average in December 2023, setting a new record.

Is the US the world's biggest oil producer?

With an estimated 20.30 million barrels produced daily in 2023, the United States of America is the world's biggest oil producer. In 2023, a daily total of 97.70 million barrels of oil was produced or 74% of the world's total oil production.. The rise in the nation's oil output has been matched by an increase in US oil production. To reach a record-high 13.5 million barrels per day in 2023, US oil output rose by 9%, or 1.0 million barrels per day, from 2022. After the United States, Saudi Arabia is the world's second-largest oil producer. In 2023, the top 10 oil-producing nations generated approximately 71.83 million. 

Who are the biggest Oil exporting companies in the US?

Amongst the top 10 oil exporting companies in the US, ExxonMobil has the highest market capitalization. In 2023, its market value was $309.75 billion. The following are the 10 US oil exporting companies by market capitalization as of 2023:

1. ExxonMobil: $309.75 billion

2. Chevron: $212.87 billion

3. ConocoPhillips: $104.53 billion

4. Schlumberger: $54.97 billion

5. EOG Resources: $54.81 billion

6. Enterprise Products Partners: $45.28 billion

7. Phillips 66: $43.54 billion

8. Marathon Petroleum: $42.69 billion

9. Pioneer Natural resources: $40.87 billion

10. Occidental Petroleum: $39.43 billion

Refining of Petroleum Oil in US Industry

Recent years have seen instability in the petroleum refining sector. For refiners in the US, crude oil is the main input cost. Crude oil is a very volatile commodity due to its vulnerability to both macroeconomic and microeconomic factors, such as the state of the global economy, demand, and production volatility. Returns on the industry see a comparable degree of volatility as oil refiners pass these prices on to customers. With the US oil export prices generally rising, industry income is predicted to have increased at a CAGR of 0.8% for the five years leading up to 2024, to an estimated $689.7 billion, with a projected 1.0% growth in 2024 alone.

• As a result of petroleum refiners passing along input costs, increases in the global price of crude oil have propelled industry revenue growth.

• The refined petroleum product that is most valuable and most demand is conventional gasoline. The main fuel source for the majority of cars is gasoline.

• Texas is the top state in the nation for refining oil. It is a profitable location for refineries due to its position in the Permian Basin and the lack of regulations.

• Since oil is the main component of all refined petroleum products, refineries compete with one another to get it at a low cost.

Conclusion

In conclusion, the upward push of US oil exports represents a big shift in the global oil landscape, with profound implications for the US economy and geopolitical dynamics. By leveraging its technological prowess, market insights, and strategic partnerships, the USA has located itself as a key participant in the international oil marketplace. The concluding line is that the United States maintains to foster itself as a frontrunner in oil exports and production globally with its rich source of mineral oil sources and petroleum reserves.

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