U.S. Petroleum Market. Analysis and Forecast to 2030
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View PricingU.S.: Petroleum Market 2024
Petroleum Market Size in the U.S.
In 2023, the U.S. petroleum market increased by X% to $X for the first time since 2018, thus ending a four-year declining trend. In general, consumption, however, showed a deep slump. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2023, consumption stood at a somewhat lower figure.
Petroleum Production in the U.S.
In value terms, petroleum production stood at $X in 2023. Over the period under review, production, however, saw a abrupt curtailment. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2023, production stood at a somewhat lower figure.
Petroleum Exports
Exports from the U.S.
In 2023, shipments abroad of petroleum decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. The total export volume increased at an average annual rate of X% from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2023, the exports remained at a lower figure.
In value terms, petroleum exports dropped remarkably to $X in 2023. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then contracted remarkably in the following year.
Exports by Country
Mexico (X tons) was the main destination for petroleum exports from the United States, with a X% share of total exports. Moreover, petroleum exports to Mexico exceeded the volume sent to the second major destination, Canada (X tons), threefold. The third position in this ranking was taken by Brazil (X tons), with a X% share.
From 2013 to 2023, the average annual rate of growth in terms of volume to Mexico totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Brazil (X% per year).
In value terms, Mexico ($X) remains the key foreign market for petroleum exports from the United States, comprising X% of total exports. The second position in the ranking was taken by Canada ($X), with an X% share of total exports. It was followed by Chile, with a X% share.
From 2013 to 2023, the average annual rate of growth in terms of value to Mexico amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Chile (X% per year).
Export Prices by Country
In 2023, the average petroleum export price amounted to $X per ton, reducing by X% against the previous year. Overall, the export price saw a slight contraction. The most prominent rate of growth was recorded in 2022 an increase of X%. As a result, the export price attained the peak level of $X per ton, and then shrank in the following year.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced a decline.
Petroleum Imports
Imports into the U.S.
In 2023, the amount of petroleum imported into the United States fell modestly to X tons, declining by X% compared with 2022. In general, imports recorded a slight contraction. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2023, imports remained at a lower figure.
In value terms, petroleum imports dropped sharply to $X in 2023. Over the period under review, imports showed a pronounced curtailment. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.
Imports by Country
In 2023, Canada (X tons) constituted the largest supplier of petroleum to the United States, with a X% share of total imports. Moreover, petroleum imports from Canada exceeded the figures recorded by the second-largest supplier, Mexico (X tons), twofold. South Korea (X tons) ranked third in terms of total imports with a X% share.
From 2013 to 2023, the average annual growth rate of volume from Canada was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (X% per year) and South Korea (X% per year).
In value terms, Canada ($X) constituted the largest supplier of petroleum to the United States, comprising X% of total imports. The second position in the ranking was taken by South Korea ($X), with a X% share of total imports. It was followed by India, with a X% share.
From 2013 to 2023, the average annual rate of growth in terms of value from Canada totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and India (X% per year).
Import Prices by Country
In 2023, the average petroleum import price amounted to $X per ton, dropping by X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2022, and then dropped in the following year.
There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Iraq (X%), while the prices for the other major suppliers experienced mixed trend patterns.
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This report provides an in-depth analysis of the petroleum market in the U.S.. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- NAICS 324110 - Petroleum refineries
Companies mentioned:
- Chevron Corporation
- Exxon Mobil Corporation
- Valero Energy Corporation
- Koch Industries
- Hollyfrontier Corporation
- Calumet Specialty Products Partners
- United Refining Company
- Western Refining
- Alon USA Energy
- Pbf Energy Company
- Pbf Energy
- Cvr Energy
- Murphy Oil Usa
- Chc McPherson Refinery
- BP America
- Delek US Holdings
- Marathon Petroleum Corporation
- Placid Refining Company
- Cvr Refining
- Northern Tier Energy
- Paulsboro Refining Company
- United Refining
- Valero Refining-New Orleans
- Shell Petroleum
- Exxonmobil Oil Corporation
- Placid Holding Company
- The Sinclair Companies
- United Acquisition Corp.
- Alon Refining Krotz Springs
- Pbf Holding Company
- Phillips 66 Company
- Alon USA Partners
- BP Corporation North America
Country coverage:
- United States
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in the U.S.
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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