US Oil Trade Balance, Crude Imports vs Exports 1920 to 2024

Key figures from the chart

In the 12 months to November 2024 the US exported 4.17 million barrels of crude oil a day and imported 6.58 million.
That left a crude oil trade deficit of 2.40 million barrels a day.
The deficit was deepest in the mid 2000s, when imports reached about 10 million barrels a day and exports were close to zero.
The chart marks three turning points: falling US production from 1970 to 2008, the shale revolution from the mid 2000s, and the US becoming the top oil producer in 2018.
All figures are from the chart, which cites the US Energy Information Administration.

The US crude oil trade balance chart in text

Title: “U.S. Crude Oil Trade Balance (Nov 2024, LTM)”. Subtitle: “4.17 Mb/D Exports, 6.58 Mb/D Imports, 2.40 Mb/D Deficit”. LTM means the last twelve months, and Mb/D means million barrels per day.

The chart, headed “U.S. Crude Oil Trade (Million Barrels per Day)”, runs from 1920 to 2024. Exports are a navy area above zero, imports a red area below zero, and the trade balance a yellow line. The vertical axis runs from 6 to minus 12. The last point is labelled “LTM Nov”.

Series	Value, 12 months to November 2024
Exports	4.17 million barrels a day
Imports	6.58 million barrels a day (shown as -6.58)
Trade balance	-2.40 million barrels a day

Annotation	Text on the chart
1970 to 2008	Crude Oil Production Fell by Almost Half, and Reached Its Lowest Point Since 1946
Mid-2000s	The Onset of the Shale Revolution
2018	U.S. Becomes Top Oil Producer

Read from the chart (our estimates): trade is small until the 1940s, imports climb to roughly 6.5 million barrels a day in the late 1970s, fall back in the early 1980s, then rise to about 10 million in the mid 2000s. Exports stay near zero until the 2010s, then rise steeply. Footer: “Source of Primary Data: U.S. Energy Information Administration”, www.econovis.net, @econovisuals and the Econovis EV logo.

What changed the balance

Econovis notes that from 2004 to 2007 US crude exports were near zero and imports were about 10.1 million barrels a day [1]. On the chart’s figures, the deficit has since narrowed from about 10 million to 2.40 million barrels a day, roughly three quarters (our arithmetic).

The EIA confirms the chart’s annotations. US crude production peaked at 9.6 million barrels a day in 1970 and generally declined to a low of 5.0 million in 2008, then rose again from 2009 as producers applied hydraulic fracturing and horizontal drilling [4]. In 2023 the US produced 12.9 million barrels a day, a record for any country, and the EIA says the US has produced more crude oil than any nation for six years in a row [4].

Where does America get its oil

Most of the oil the US uses is produced at home: 12.9 million barrels a day of crude in 2023 [4], against crude imports of about 6.48 million [3]. Of the imports, Canada is by far the largest supplier. Econovis puts Canada’s share at 61% of US crude oil imports in the 12 months to November 2024, a record 4.0 million barrels a day [2].

For all petroleum, which includes refined products as well as crude, the EIA lists the top five sources of US imports in 2023 as Canada, Mexico, Saudi Arabia, Iraq and Brazil, with Canada supplying 52% [3].

Notes on this infographic

Crude only. The chart covers crude oil, not refined products. Counting all petroleum, the EIA says the US was a net exporter of 1.64 million barrels a day in 2023 [3]. The two statements are both true.
Rounding. 4.17 minus 6.58 is 2.41, against the 2.40 printed. The difference is rounding in the underlying data.
Annual comparison. For the full year 2023, the EIA gives crude imports of about 6.48 and crude exports of about 4.06 million barrels a day [3], close to the chart’s 12 month figures.
Creator. Econovis published the chart on 2 February 2025 [1].

Questions about US oil trade

Does the U.S. get 60% of oil from Canada?

For crude oil imports, roughly yes. Canada supplied 61% of US crude imports in the 12 months to November 2024 [2]. Most oil used in the US is produced domestically, so Canada’s share of total supply is smaller.

Does America have a surplus of oil?

Not in crude oil: the US imported 2.40 million barrels a day more than it exported in the 12 months to November 2024 [1]. Counting refined products too, the EIA says the US was a net petroleum exporter in 2023 [3].