The U.S. has established itself as one of the leading exporters of crude oil in the world in the last few years since the ban on most crude oil exports was lifted in December 2015. By the end of 2018, crude oil shipments from the U.S. Gulf Coast averaged 1.6 MMb/d. Post the pandemic, and following Russia’s invasion of Ukraine, shipments rose to nearly 3.2 MMb/d by the end of 2022. Notably, after the European Union’s (EU’s) embargo on Russian crude oil and products, which included a price cap, exports from the U.S. skyrocketed as several new crude oil trade flows came into play. Data from the Crude Voyager report shows that Gulf Coast export terminals collectively loaded 3.8 MMb/d in 2023, up 624 Mb/d from the previous year’s volumes.
The terminals loaded their highest weekly volume at 5.1 MMb/d at the end of September, after which volumes have mostly remained around 4 MMb/d. The Corpus Christi region continued to load the highest share of crude oil from the Gulf Coast at 2.2 MMb/d, 311 Mb/d higher than in 2022, bringing its overall share to 61% of the total. This was followed by the Houston region, which loaded 901 Mb/d in 2023, up 192 Mb/d from the previous year, with a 24% share. Cargoes from the Louisiana region also rose by 120 Mb/d year-on-year to 444 Mb/d. Lastly, the Beaumont region loaded more barrels as well at 219 Mb/d.
