Mumbai, April 11 -- The Energy Information Administration or EIA stated in a latest update that 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). Despite this new record, crude oil export year-over-year growth slowed to 1% in 2024, compared with 14% in 2023 and 21% in 2022.
Crude oil production in the U.S. Lower 48 (L48) states, which does not include Alaska or offshore production, reached a record in November 2024, allowing for a greater supply of crude oil to export. Increased production efficiency counteracted a decrease in the number of active oil rigs, resulting in L48 production increasing 3% last year.
Europe and the Asia and Oceania region re...