U.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.

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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.

Source: IndexBox Platform