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U.S. Petroleum Market. Analysis And Forecast to 2030
Report Update: Nov 1, 2024

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

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Sep 4, 2023

Price of Petroleum Drops to $591/ton in US

U.S. Petroleum Export Price in June 2023

In June 2023, the petroleum price stood at $591 per ton (FOB, US), falling by -5.2% against the previous month. Over the period under review, the export price continues to indicate a pronounced decline. The pace of growth appeared the most rapid in October 2022 an increase of 3.2% against the previous month. The export price peaked at $896 per ton in June 2022; however, from July 2022 to June 2023, the export prices failed to regain momentum.

Prices varied noticeably by the country of destination: the country with the highest price was Chile ($778 per ton), while the average price for exports to India ($207 per ton) was amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (-1.5%), while the prices for the other major destinations experienced a decline.

U.S. Petroleum Export Prices By Country (USD Per Ton)
COUNTRYExport Price of Petroleum in U.S. (USD per ton)
Jun 2022Jul 2022Aug 2022Sep 2022Oct 2022Nov 2022Dec 2022Jan 2023Feb 2023Mar 2023Apr 2023May 2023Jun 2023
Chile1,053930910876944938833856830799833760778
Canada942855852753874815819735747736757750755
Colombia852833839775826815741689816679732707714
Mexico1,029930854792845768728781718706729710712
Panama1,1461,051851778951965715788739784792730635
Brazil879969749730679591635571609499512537428
India320512327294159350243246199249187224207
Average896858777727749742674664677664674624591

U.S. Petroleum Exports

In June 2023, approximately 16M tons of petroleum were exported from the United States; remaining constant against the previous month. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2023 when exports increased by 27% m-o-m.

In value terms, petroleum exports contracted modestly to $9.4B (IndexBox estimates) in June 2023. Over the period under review, exports, however, recorded a perceptible setback. The growth pace was the most rapid in March 2023 with an increase of 24% against the previous month.

U.S. Petroleum Exports by Country

Mexico (3.9M tons) was the main destination for petroleum exports from the United States, with a 25% share of total exports. Moreover, petroleum exports to Mexico exceeded the volume sent to the second major destination, Canada (1.2M tons), threefold. The third position in this ranking was held by India (981K tons), with a 6.2% share.

From June 2022 to June 2023, the average monthly rate of growth in terms of volume to Mexico was relatively modest. Exports to the other major destinations recorded the following average monthly rates of exports growth: Canada (-4.6% per month) and India (+3.8% per month).

In value terms, Mexico ($2.8B) remains the key foreign market for petroleum exports from the United States, comprising 30% of total exports. The second position in the ranking was taken by Canada ($913M), with a 9.7% share of total exports. It was followed by Chile, with a 5.3% share.

From June 2022 to June 2023, the average monthly rate of growth in terms of value to Mexico totaled -3.1%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Canada (-6.3% per month) and Chile (-6.0% per month).

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 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    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 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    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, 2012–2023
    22. Production, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, 2012–2023
    24. Imports, In Value Terms, 2012–2023
    25. Imports, In Physical Terms, By Country, 2023
    26. Imports, In Physical Terms, By Country, 2012–2023
    27. Imports, In Value Terms, By Country, 2012–2023
    28. Import Prices, By Country Of Origin, 2012–2023
    29. Exports, In Physical Terms, 2012–2023
    30. Exports, In Value Terms, 2012–2023
    31. Exports, In Physical Terms, By Country, 2023
    32. Exports, In Physical Terms, By Country, 2012–2023
    33. Exports, In Value Terms, By Country, 2012–2023
    34. Export Prices, By Country Of Destination, 2012–2023

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