According to EIA, U.S. crude oil exports hit a record high in 2022 as released from the Strategic Petroleum Reserve (SPR). U.S. crude oil exports averaged a record 3.6 million barrels per day (b/d) in 2022, a 22% increase (640,000 b/d) from 2021.
The growth in U.S. crude oil exports was driven by increased U.S. crude oil production, releases from the U.S. Strategic Petroleum Reserve, and increased global demand for alternatives to Russia’s crude oil.
Asia and Oceania was the top regional destination for U.S. crude oil exports in 2022, representing 43% (1.55 million b/d). Asia and Oceania has been the largest destination by volume for U.S. crude oil since 2017.
Europe ranked second as a regional destination for U.S. crude oil exports, representing 42% (1.51 million b/d) in 2022. Europe has been the second-largest destination by volume for U.S. crude oil since 2018.
With increasing global demand for light, low-sulfur crude oils, these new barrels have increased U.S. crude oil exports to Asia and Europe.
Increased U.S. crude oil production supplemented by a large withdrawal from the Strategic Petroleum Reserve (SPR) allowed for greater volumes of U.S. crude oil exports.
U.S. crude oil production increased 5.6% (629,000 b/d) to 11.9 million b/d in 2022. Production was 3.5% (432,000 b/d) less than the record high of 12.3 million b/d recorded in 2019. When including net stock withdrawals, however, U.S. crude oil supplied to the market surpassed 2019. U.S. crude oil production, combined with the SPR withdrawal and U.S. commercial inventory changes, reached 12.5 million b/d in 2022, 0.7% (87,000 b/d) more than the 12.4 million b/d supplied in 2019.
