U.S. crude oil production rose 2% in 2024, reaching an annual average of 13.2 million barrels per day (b/d), according to the U.S. Energy Information Administration (EIA), setting a new high even as export growth slowed. The increase of 270,000 b/d marked a continuation of the upward trend in domestic output, largely driven by gains in the prolific Permian Basin.
The Permian region, spanning western Texas and southeastern New Mexico, accounted for 48% of total U.S. crude production in 2024 and contributed nearly all the year’s growth. Output there rose by 370,000 b/d compared to 2023, averaging 6.3 million b/d. Other major producing regions such as the Eagle Ford and Bakken, remained largely flat, each rising by just 13,000 b/d to 1.2 million b/d, representing 9% of total production apiece.
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At the same time, U.S. crude oil exports hit a new record, surpassing the previous high set in 2023 to average more than 4.1 million b/d. That volume accounted for approximately 31% of total production. However, year-over-year growth in crude exports slowed sharply to just 1% in 2024, following increases of 14% in 2023 and 21% in 2022.
Europe, Asia, and Oceania regions remained the top destinations for U.S. crude shipments. Exports to Europe rose 6% to 1.93 million b/d in 2024, with higher volumes to Germany, the UK, and the Netherlands offsetting declines in shipments to Spain, France, and Italy. For a second consecutive year, the Netherlands, home to a major oil hub in Rotterdam, received more U.S. crude than any other country, averaging 825,000 b/d, a 32% increase over 2023.
The rise in U.S. exports to Europe comes amid ongoing shifts in the continent’s energy supply, including a ban on seaborne crude imports from Russia imposed in late 2022. Inclusion of West Texas Intermediate (WTI) in the European Brent crude benchmark by S&P Global in 2023 also supported increased flows.
In Asia, overall U.S. exports fell by 131,000 b/d to 1.58 million b/d, dragged down by a steep decline in shipments to China. Exports to China fell 53% to 217,000 b/d, as the country reduced its overall crude import volumes due to weaker fuel demand and increased purchases from Russia and Malaysia.
India, on the other hand, was a key growth market. U.S. crude exports to India rose 32% in 2024, rebounding from low levels the year prior. As the price discount on Russian barrels narrowed, India scaled back imports from Russia. With Indian oil consumption growth surpassing that of China, U.S. crude helped fill the supply gap, with shipments to India increasing by nearly 55,000 b/d.
