BAKU, Azerbaijan, December 26. Net US exports of crude oil and petroleum products (exports minus imports) will hit a new record next year, the US Energy Information Administration Agency (EIA) expects, Trend reports.
According to the agency, the growth in net exports in 2023 was fueled by the expansion in crude oil production and the field production of hydrocarbon gas liquids (HGLs). The EIA estimates show that the production of these HGLs (ethane, propane, butane, and natural gasoline) all experienced growth between 6-10 percent in 2023.
Looking ahead to 2024, the overall growth in HGL exports is expected to slow down, primarily due to the increasing US consumption of HGLs. The forecasted rise in refinery operations next year will support an increase in refined product output, contributing to a slight growth in net refined product exports, with a focus on distillate fuel and gasoline.
The EIA noted that the US is projected to maintain its status as a net importer of crude oil next year, with an average of approximately 2.2 mb/d. However, there will be a slight decrease in net crude oil imports compared to 2023.
The ongoing growth in U.S. crude oil production continues to bolster increased exports, which averaged more than 4 mb/d in 2023 until September.
Despite some US refineries expanding their capacity to process additional light and sweet crude oil, as seen in the ExxonMobil Beaumont expansion, the demand for US-produced crude oil is increasingly coming from refiners in Europe and Asia, the administration noted. The expansion of refinery processing by overseas refiners signifies that the growth in US crude oil production in 2024 will predominantly be directed toward exports, leading to an uptick in net US petroleum exports.
