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U.S. LNG exports to Europe reached record highs in both January and February 2025. In the first two months of the year, 65% of all U.S. LNG shipments went to the EU or UK, up from an average of 48% in 2024. U.S. LNG flows to Europe could remain elevated as the region rebuilds natural gas inventories ahead of winter and as new U.S. LNG export capacity ramps up. Europe’s natural gas inventories ended the winter at 33% full, significantly lower than in the past two winters, when inventories were more than 55% full.
The U.S. imported 6.6 million barrels per day (mb/d) of crude oil in 2024. Canada was the largest source, accounting for 62% of total imports, followed by Mexico at 7%. Over 60% of U.S. crude imports are classified as heavy crude, with a ≤27 API gravity (a measure of density). In contrast, around 80% of U.S. lower 48 crude production is light crude, with an API gravity above 35. The U.S. imports heavier crudes to help meet domestic refining needs.
The U.S. exported record levels of crude, natural gas liquids (NGLs), and natural gas in 2024. The share of U.S. oil and natural gas production that is exported has been on the rise over the past decade as domestic production increased. Around 42% of U.S. NGL production is exported, 31% of crude, 20% of natural gas, and 17% of finished petroleum products. In 2024, the U.S. exported crude, NGLs, and finished petroleum products to 101 unique countries or territories.
China was the largest contributor to annual global oil demand growth in 20 of the past 25 years. Since 2000, China has accounted for 44% of global oil demand growth, with domestic consumption more than tripling. However, India’s oil demand growth outpaced China’s in both 2022 and 2024. India is expected to become the leading driver of global oil demand growth in the medium term. China’s oil demand growth is expected to slow due to a declining population, rising EV adoption, and a deceleration in economic growth.
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