In 2023, the US exported more crude oil and petroleum products than it imported.
Petroleum and petroleum product exports totaled about 10.15 million barrels per day (b/d), while imports were about 8.53 million b/d resulting in a -1.7 million b/d difference.
Crude oil is a fossil fuel. Petroleum products are made from refined crude oil and include things like jet fuel and gasoline.
Prior to October 2019, the US consistently imported more petroleum and crude oil than it exported. October 2019 was the first month the exports exceeded imports. It’s been a net exporter in all but seven months since then.
Crude oil is the majority of US imports (76%), and petroleum products are the majority of US exports (60%).
Where does the US import petroleum from?
The US imported 75% of petroleum and crude oil from five countries in 2023:
- Canada (52%)
- Mexico (11%)
- Saudi Arabia (5%)
- Iraq (4%)
- Brazil (3%)
The remaining 25% came from 80 other countries.
Of all petroleum imports, 76% was crude oil, and 24% were crude oil products, such as hydrocarbon gas liquids, liquefied petroleum gases, fuel ethanol, biofuels, kerosene, and others.
Where does the US export petroleum to?
The top five countries receiving US petroleum and crude oil exports were:
- Mexico (11%)
- China (10%)
- Canada (8%)
- The Netherlands (8%)
- South Korea (6%)
The remaining 56% was exported to 142 other countries.
Of all petroleum exports, 40% was crude oil, and 60% was petroleum products.
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