The United States does not export most of its oil. While the U.S. has become a significant player in the global oil market, it still consumes a large portion of its domestic production and imports oil to meet its needs.
Oil Production and Consumption
In 2022, the United States produced approximately 20.08 million barrels per day (b/d) of petroleum and consumed about 20.01 million b/d. This indicates that domestic production closely matches consumption.
Exports and Imports
The U.S. has seen a significant increase in oil exports in recent years:
• In 2023, the U.S. exported about 10.15 million b/d of petroleum.
• Crude oil exports accounted for 4.06 million b/d, or 40% of total U.S. gross petroleum exports.
However, the U.S. also continues to import oil:
• In 2023, the U.S. imported about 8.51 million b/d of petroleum.
• Crude oil imports were about 6.48 million b/d, accounting for 76% of total gross petroleum imports.
Net Exporter Status
While the U.S. does not export most of its oil, it has become a net petroleum exporter in recent years:
• In 2023, the U.S. was a net petroleum exporter of 1.64 million b/d.
• This marks the third consecutive year of being a net total petroleum exporter.