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US Oil Exports to China Halve in 2024 as Europe Emerges as Primary Market

by Team Lumida
December 26, 2024
in Macro
Reading Time: 3 mins read
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Oil Prices Surge: What Falling US Crude Stocks Mean for Your Investments

"KAKARIKI Crude Oil Tanker." by Bernard Spragg is licensed under CC CC0 1.0

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Key Takeaways:

Powered by lumidawealth.com
• US oil exports to China fell to 81.9M barrels in 2024, down 46% from 150.6M in 2023
• Netherlands leads US crude imports with 194M barrels, up 12% YoY
• China’s seaborne imports from Russia, Iran, and Venezuela rise to 26% from 24%
• Europe maintains position as top US crude destination for third consecutive year

What Happened?

China’s imports of US crude oil have dramatically declined in 2024, dropping 46% year-over-year and relegating China from second to sixth-largest buyer of US oil. Meanwhile, European markets, particularly the Netherlands, have strengthened their position as primary destinations for US crude exports. The Netherlands increased its imports by 12% to 194 million barrels, while South Korea emerged as the second-largest importer with approximately 166 million barrels.

Why It Matters?

This shift in global oil trade patterns reflects significant changes in energy markets and geopolitical dynamics. China’s reduced demand stems from its economic slowdown, increasing adoption of electric vehicles, and greater use of LNG. The reorientation of US exports toward Europe demonstrates the lasting impact of Russia’s Ukraine invasion on global energy trade flows. The inclusion of WTI in the dated Brent benchmark has also enhanced US crude’s attractiveness to European buyers. These changes have contributed to downward pressure on global oil prices and are reshaping traditional trading relationships.

What’s Next?

Market observers should monitor several key trends: China’s economic recovery and its impact on oil demand; the continued evolution of European energy markets, particularly regarding Russian oil sanctions; and the pace of electric vehicle adoption in China. The sustainability of current trade patterns will depend on these factors, as well as potential geopolitical developments affecting major oil-producing nations. For investors, understanding these shifting dynamics is crucial for evaluating energy sector investments and global trade opportunities. The market will also closely watch China’s energy mix decisions and their impact on global oil demand in 2025.

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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018