American crude oil exports recorded new record levels during the past year, 2023, rising by 482 thousand barrels per day on an annual basis. This came with support from increased production. United States exports achieved a record high of 4.1 million barrels per day in 2023, compared to 3.618 million barrels per day during Year 2022.

In the period from 2015 – with the exception of 2021 – American crude oil exports grew annually, especially after America lifted the ban on crude exports, which had lasted for 40 years. Increasing America’s production of crude oil is considered the first and primary support for increasing crude exports.

Crude oil production in America witnessed an increase during the year 2023 and reached a record level of about 12.9 million barrels per day, that is, an annual increase of one million barrels per day, or 9%, compared to 2022, and many crude oil refineries in America are able and able to process heavy and sour oil, and it is considered Most of the US production is light sweet crude, which serves as an incentive for exports.

There are several factors that affect the volume of American crude oil exports during the year 2023, especially to Europe, which is the inclusion of American West Texas Intermediate crude within a small number of oil grades used in determining the Brent price in order for it to become a major and essential part of the daily pricing process, starting in 2023, which attracts… Additional quantities for Europe.

Asia, Europe, and Oceania are considered the primary and main destination for American crude oil exports, and Europe is considered the primary and primary export destination for American oil, especially after the countries of the Old Continent turned away from Russian fuel, due to the Russian-Ukrainian war.

The year 2022 witnessed a significant increase in US crude oil exports to Europe following the Russian invasion of Ukraine, and the ban imposed by the EU countries on imports of crude oil transported by sea through Russia, which was implemented on December 5, 2022.

The average US crude oil exports to Europe amounted to about 1.8 million barrels per day, and the quantities of shipments to Russia and Oceania amounted to about 1.7 million barrels per day. The Netherlands occupied the list of the largest countries receiving American oil during the year 2023, and the average reached about 652 thousand barrels per day, an increase of 293 thousand. barrels compared to 2022.

China ranks second during 2023 with an average of 452 thousand barrels per day, which is equivalent to doubling US crude oil exports to Beijing during 2022, and China’s imports of crude oil increased, especially with the increase in the capacity of refineries and the country’s re-easing of restrictions on movement due to the repercussions of the Corona pandemic.

American crude oil exports to India declined during 2023 by 47%, that is, an annual decrease of 146 thousand barrels per day to reach 165 thousand barrels per day, and India increased its imports of Russian oil in light of the obstacles imposed on Moscow, which set a price ceiling for Russian crude. This prompted importers in India to prefer low-cost crude from Russia over crude oil from the United States, and Russian crude oil exports to India doubled, reaching 1.8 million barrels per day during 2023, compared to 0.9 barrels in 2022.