U.S. Oil Exports to China Drop Nearly 50%

WASHINGTON - U.S. crude oil exports to China plunged by 46% in 2024, falling to 81.9 million barrels from 150.6 million barrels the previous year, according to data from Kpler.

The drop pushed China from the second-largest buyer of U.S. crude to the sixth, as the nation turned to other suppliers, including Russia and Iran, while its demand for oil waned.

China’s economic slowdown, rising use of electric vehicles, and increasing reliance on liquefied natural gas have curbed its appetite for crude. Total oil imports into China dropped 7.2% this year, contributing to lower global oil prices. In addition, China sourced approximately 26% of its seaborne crude from Russia, Iran, and Venezuela, up from 24% in 2023, while maintaining a primary reliance on Middle Eastern suppliers, which account for 60% of its oil imports.

Meanwhile, Europe has become the largest buyer of U.S. crude for the third consecutive year, benefiting from the inclusion of West Texas Intermediate crude in the Brent European benchmark. The Netherlands remained the top importer, purchasing 194 million barrels in 2024—a 12% increase from the previous year. South Korea ranked second, importing 166 million barrels, as it adjusted to reduced crude shipments from Kazakhstan.