Global crude oil exports fell 2% in 2024, marking the first drop since the pandemic.

Global crude oil exports saw their first decline since the pandemic in 2024, dropping 2% due to weaker demand and changes in trade routes. Middle East exports to Europe fell by 22%, while the US benefited from increased shale production. Geopolitical tensions and shifts towards renewable energy sources add to the volatility in the oil market, which is expected to continue into 2025.