In 2024, the United States achieved a remarkable milestone with its petroleum product exports reaching an unprecedented average of 6.6 million barrels per day (b/d). This surge of 495,000 b/d from 2023 was largely driven by increased exports of distillate fuel oil, primarily used as diesel, and jet fuel.
In contrast, overall exports of motor gasoline experienced a decline. On the import side, there was a decrease of 210,000 b/d in major petroleum products, including gasoline and distillate fuel oil.
Distillate fuel oil emerged as the largest component of U.S. transportation fuel exports and ranked second among petroleum exports by volume, following propane. Distillate exports climbed by 182,000 b/d, reaching approximately 1.30 million b/d in 2024, although this figure is still shy of the record 1.38 million b/d set in 2017.
Mexico was the premier destination for these exports, absorbing 272,000 b/d, which constituted 21% of the total. Other significant markets included Chile, the Netherlands, the UK, and Peru.
Brazil, traditionally a significant market for U.S. distillate, saw its imports drop to 41,000 b/d in 2024, a shift attributed to sanctions imposed by European nations on Russian distillate imports. Consequently, Brazil turned to cheaper alternatives from Russia, thereby reducing its need for U.S. supplies.
Conversely, European nations increased imports of U.S. distillate, with the Netherlands and the UK markedly boosting their purchases compared to previous years. In the realm of motor gasoline, U.S. exports totaled 877,000 b/d, a decline of 24,000 b/d from the previous year, with Mexico again leading as the primary destination.
Jet fuel exports also rose to 209,000 b/d but remain below pre-pandemic levels, again with Mexico being the largest recipient. The patterns observed in 2024 underscore significant shifts in the global petroleum market dynamics, heavily influenced by geopolitical factors and changing trade relationships.