U.S. Petroleum Market. Analysis And Forecast to 2030
Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.
View PricingUnited States Sees 16% Drop in Petroleum Exports, Dipping to $121 Billion in 2023
U.S. Petroleum Exports
After two years of growth, overseas shipments of petroleum decreased by -3.4% to 186M tons in 2023. The total export volume increased at an average annual rate of +1.2% from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 when exports increased by 7%. Over the period under review, the exports reached the maximum at 213M tons in 2018; however, from 2019 to 2023, the exports failed to regain momentum.
In value terms, petroleum exports dropped significantly to $121B (IndexBox estimates) in 2023. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when exports increased by 57% against the previous year. As a result, the exports reached the peak of $144.8B, and then declined sharply in the following year.
| COUNTRY | Export Value of Petroleum in U.S. (billion USD) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| Mexico | 19.3 | 19.6 | 15.4 | 16.0 | 21.7 | 29.4 | 28.3 | 17.2 | 28.2 | 40.6 | 36.8 |
| Canada | 14.5 | 15.3 | 9.9 | 8.7 | 9.2 | 12.8 | 10.6 | 7.4 | 11.4 | 17.0 | 13.3 |
| Chile | 5.5 | 5.0 | 3.4 | 2.6 | 3.2 | 4.1 | 3.5 | 2.7 | 3.9 | 9.0 | 5.8 |
| Panama | 5.4 | 5.5 | 3.2 | 2.0 | 2.3 | 2.5 | 2.9 | 2.4 | 3.2 | 6.1 | 5.2 |
| Brazil | 4.9 | 5.5 | 2.7 | 3.8 | 6.7 | 6.5 | 8.8 | 6.3 | 8.3 | 11.2 | 4.6 |
| Peru | 3.0 | 2.7 | 2.0 | 1.7 | 2.5 | 3.0 | 2.8 | 2.0 | 3.1 | 5.8 | 4.5 |
| Netherlands | 9.8 | 7.7 | 4.3 | 3.2 | 2.9 | 3.5 | 2.8 | 1.8 | 2.4 | 3.6 | 4.2 |
| Colombia | 5.3 | 6.1 | 4.4 | 2.8 | 2.2 | 2.5 | 3.0 | 1.8 | 3.1 | 5.3 | 2.9 |
| Others | 51.4 | 49.9 | 32.7 | 25.6 | 32.9 | 39.1 | 30.7 | 20.3 | 28.9 | 46.1 | 43.6 |
| Total | 119 | 117 | 78.1 | 66.4 | 83.6 | 103 | 93.4 | 61.8 | 92.4 | 145 | 121 |
Exports by Country
Mexico (50M tons) was the main destination for petroleum exports from the United States, accounting for a 27% share of total exports. Moreover, petroleum exports to Mexico exceeded the volume sent to the second major destination, Canada (18M tons), threefold. Brazil (8.8M tons) ranked third in terms of total exports with a 4.7% share.
From 2013 to 2023, the average annual rate of growth in terms of volume to Mexico totaled +7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-0.8% per year) and Brazil (+1.8% per year).
In value terms, Mexico ($36.8B) remains the key foreign market for petroleum exports from the United States, comprising 30% of total exports. The second position in the ranking was held by Canada ($13.3B), with an 11% share of total exports. It was followed by Chile, with a 4.8% share.
From 2013 to 2023, the average annual growth rate of value to Mexico stood at +6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-0.8% per year) and Chile (+0.6% per year).
Export Prices by Country
In 2023, the petroleum price amounted to $652 per ton (FOB, US), which is down by -13.6% against the previous year. Overall, the export price saw a mild contraction. The most prominent rate of growth was recorded in 2022 an increase of 51% against the previous year. As a result, the export price reached the peak level of $754 per ton, and then reduced in the following year.
There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Peru ($815 per ton), while the average price for exports to India ($191 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 (+1.0%), while the prices for the other major destinations experienced a decline.
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.
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND THE AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDSThis Chapter is Available Only for the Professional EditionPRO
3. MARKET OVERVIEW
Understanding the Current State of The Market and its Prospects
- MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- MARKET STRUCTURE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- TRADE BALANCE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- PER CAPITA CONSUMPTION: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- MARKET FORECAST TO 2035
4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION
Finding New Products to Diversify Your Business
- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCTS
- MOST TRADED PRODUCTS
- MOST PROFITABLE PRODUCTS FOR EXPORTS
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Export
- 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: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
- IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
- EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
- Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country, 2012–2024
LIST OF FIGURES
- Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Structure – Domestic Supply vs. Imports, in Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Structure – Domestic Supply vs. Imports, in Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Trade Balance, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Trade Balance, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Volume Forecast to 2035
- Market Value Forecast to 2035
- Market Size and Growth, By Product
- Average Per Capita Consumption, By Product
- Exports and Growth, By Product
- Export Prices and Growth, By Product
- 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: Historical Data (2012–2024) and Forecast (2025–2035)
- Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country, 2012–2024
