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U.S. Petroleum Market. Analysis And Forecast to 2030
Report Update: Feb 1, 2025

U.S. Petroleum Market. Analysis And Forecast to 2030

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Nov 2, 2024

Lyondell Houston Oil Refinery Shutting Down: Major U.S. Refinery Closure

MarketScreener reports that LyondellBasell Industries has announced the closure of its 263,776 barrel-per-day (bpd) Houston oil refinery by the first quarter of 2025, a striking development in the ongoing wave of U.S. refinery closures. This move aligns with the broader industry shift as motor fuel demand is anticipated to peak and diminish owing to pressures from renewable fuels and electric vehicles.

Refinery Closure Details

The Houston refinery will begin its phased shutdown in January, starting with one of its crude distillation units (CDU) and a coker production train, as revealed by Lyondell refining chief Kim Foley. By February, the second CDU-coker production train will shut down, effectively ceasing the production of motor fuel. For the remainder of 2023, the refinery aims to operate at 90% capacity.

This decision follows Lyondell's prior intention to close the refinery in 2023, a plan that was postponed due to favorable fuel margins. However, last month saw competing refiners such as Phillips 66 and Valero Energy follow suit, detailing plans to shutter their own Californian facilities due to diminished regional crude production and evolving state regulations.

Impact on U.S. Petroleum Trade

The closure contributes to the larger trend of refinery reconfiguration in the United States, where between 2017 and 2022, nine refineries with a cumulative capacity of 1.2 million bpd were either idled or transitioned to renewable fuel production. Despite these changes, the U.S. continues to maintain substantial petroleum export activities.

According to recent data from the IndexBox platform, the United States exported petroleum products worth USD 122.726 billion in 2023, a decrease from USD 146.051 billion in 2022. Mexico remains the top recipient of U.S. petroleum exports, with a reported export value of USD 36.848 billion in 2023, down from USD 41.073 billion in 2022. Other notable export destinations include Canada, Chile, Panama, and Brazil, each reflecting varied trade values over these years.

Source: IndexBox Market Intelligence Platform

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:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. 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.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 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
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2024
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2024
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms, 2012–2024
    3. Market Value, 2012–2024
    4. Per Capita Consumption In 2012-2024
    5. Imports, In Physical Terms, By Country, 2012–2024
    6. Imports, In Value Terms, By Country, 2012–2024
    7. Import Prices, By Country Of Origin, 2012–2024
    8. Exports, In Physical Terms, By Country, 2012–2024
    9. Exports, In Value Terms, By Country, 2012–2024
    10. Export Prices, By Country Of Destination, 2012–2024

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2024
    2. Market Value, 2012–2024
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
    5. Trade Balance, In Physical Terms, 2012-2024
    6. Trade Balance, In Value Terms, 2012-2024
    7. Per Capita Consumption, 2012-2024
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Exports And Growth
    16. Export Prices And Growth
    17. Market Size And Growth
    18. Per Capita Consumption
    19. Imports And Growth
    20. Import Prices
    21. Production, In Physical Terms, 2012–2024
    22. Production, In Value Terms, 2012–2024
    23. Imports, In Physical Terms, 2012–2024
    24. Imports, In Value Terms, 2012–2024
    25. Imports, In Physical Terms, By Country, 2024
    26. Imports, In Physical Terms, By Country, 2012–2024
    27. Imports, In Value Terms, By Country, 2012–2024
    28. Import Prices, By Country Of Origin, 2012–2024
    29. Exports, In Physical Terms, 2012–2024
    30. Exports, In Value Terms, 2012–2024
    31. Exports, In Physical Terms, By Country, 2024
    32. Exports, In Physical Terms, By Country, 2012–2024
    33. Exports, In Value Terms, By Country, 2012–2024
    34. Export Prices, By Country Of Destination, 2012–2024

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