U.S.: Petroleum Market 2024

Petroleum Market Size in the U.S.

The U.S. petroleum market was finally on the rise to reach $X in 2022, after three years of decline. In general, consumption, however, saw a abrupt decrease. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Petroleum Production in the U.S.

In value terms, petroleum production expanded to $X in 2022. Overall, production, however, saw a abrupt descent. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Petroleum Exports

Exports from the U.S.

In 2022, overseas shipments of petroleum increased by X% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of X% from 2013 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, petroleum exports surged to $X in 2022. Over the period under review, exports posted a moderate increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico (X tons) was the main destination for petroleum exports from the United States, accounting for a X% share of total exports. Moreover, petroleum exports to Mexico exceeded the volume sent to the second major destination, Canada (X tons), twofold. Brazil (X tons) ranked third in terms of total exports with an X% share.

From 2013 to 2022, the average annual rate of growth in terms of volume to Mexico amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Brazil (X% per year).

In value terms, Mexico ($X) remains the key foreign market for petroleum exports from the United States, comprising X% of total exports. The second position in the ranking was taken by Canada ($X), with a X% share of total exports. It was followed by Brazil, with a X% share.

From 2013 to 2022, the average annual rate of growth in terms of value to Mexico totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Brazil (X% per year).

Export Prices by Country

The average petroleum export price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Petroleum Imports

Imports into the U.S.

In 2022, the amount of petroleum imported into the United States reduced to X tons, falling by X% against the year before. Overall, imports showed a mild decrease. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, petroleum imports skyrocketed to $X in 2022. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Canada (X tons) constituted the largest supplier of petroleum to the United States, accounting for a X% share of total imports. Moreover, petroleum imports from Canada exceeded the figures recorded by the second-largest supplier, Mexico (X tons), twofold. The third position in this ranking was held by Russia (X tons), with a X% share.

From 2013 to 2022, the average annual growth rate of volume from Canada was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (X% per year) and Russia (X% per year).

In value terms, Canada ($X) constituted the largest supplier of petroleum to the United States, comprising X% of total imports. The second position in the ranking was held by South Korea ($X), with a X% share of total imports. It was followed by Mexico, with a X% share.

From 2013 to 2022, the average annual growth rate of value from Canada was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Mexico (X% per year).

Import Prices by Country

The average petroleum import price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Iraq ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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