Crude oil and processed petroleum market
Crude oil and processed petroleum market: download the most recent information provided by an Ai-driven market research platform. Facts and figures cover exports, imports, consumption, production, market prices, companies, market size, and trade. There is a breakdown by country, including Latin America, EU, Russia, the Middle East, the U.S., China, the U.K., and Africa. Market trends and forecast to 2030 are also featured in the snapshots.
Crude Oil and Processed Petroleum - World's Largest Markets
| Rating | Country |
|---|---|
| 1 | United States |
| 2 | China |
| 3 | Saudi Arabia |
| 4 | Russia |
| 5 | Iran |
In value terms, the United States led the market, alone. The second position in the ranking was occupied by China. It was followed by Saudi Arabia.
From 2018 to 2020, the average annual growth rate of value in the United States amounted to +1.6%. In the other countries, the average annual rates were as follows: China (-4.6% per year) and Saudi Arabia (-10.6% per year).
Crude Oil and Processed Petroleum Prices
Lowest Prices - FOB - Top Exporters
| COUNTRY | 2018 | 2019 | 2020 | CAGR, 2018-2020 |
|---|---|---|---|---|
| USD per ton | ||||
| Canada | 346 | 334 | 241 | -16.5% |
| Brazil | 440 | 429 | 295 | -18.1% |
| Russia | 505 | 459 | 309 | -21.8% |
| Norway | 538 | 487 | 312 | -23.8% |
| Iraq | 478 | 452 | 315 | -18.8% |
| Kuwait | 520 | 493 | 325 | -20.9% |
| Kazakhstan | 534 | 478 | 335 | -20.8% |
| Saudi Arabia | 556 | 502 | 343 | -21.5% |
| Nigeria | 551 | 496 | 357 | -19.5% |
| United Arab Emirates | 624 | 508 | 380 | -22.0% |
| Netherlands | 610 | 559 | 392 | -19.8% |
| Iran | 515 | 515 | 517 | 0.2% |
| United States | 672 | 740 | 699 | 2.0% |
| Average | 542 | 506 | 374 | -17.0% |
Prices varied noticeably by the country of origin; the country with the highest price was the United States ($699 per ton), while Canada ($241 per ton) was amongst the lowest.
From 2018 to 2020, the most notable rate of growth in terms of prices was attained by the United States, while the other global leaders experienced mixed trends in the export price figures.
Highest Prices - CIF - Top Importers
| COUNTRY | 2018 | 2019 | 2020 | CAGR, 2018-2020 |
|---|---|---|---|---|
| USD per ton | ||||
| France | 561 | 544 | 394 | -16.2% |
| United Kingdom | 591 | 543 | 385 | -19.3% |
| Belgium | 557 | 506 | 374 | -18.1% |
| Japan | 558 | 508 | 371 | -18.5% |
| Germany | 575 | 518 | 360 | -20.9% |
| South Korea | 553 | 497 | 356 | -19.8% |
| Italy | 541 | 492 | 344 | -20.3% |
| Spain | 518 | 569 | 341 | -18.9% |
| Singapore | 520 | 477 | 340 | -19.1% |
| Netherlands | 572 | 520 | 335 | -23.5% |
| India | 514 | 468 | 334 | -19.4% |
| China | 524 | 477 | 330 | -20.6% |
| United States | 406 | 382 | 267 | -18.9% |
| Average | 525 | 487 | 345 | -18.9% |
Average prices varied somewhat amongst the major importing countries. In 2020, major importing countries recorded the following prices: in France ($394 per ton) and the UK ($385 per ton), while the United States ($267 per ton) and China ($330 per ton) were amongst the lowest.
From 2018 to 2020, the most notable rate of growth in terms of prices was attained by France, while the other global leaders experienced a decline in the import price figures.
Crude Oil and Processed Petroleum - Top Importers
| COUNTRY | 2018 | 2019 | 2020 | CAGR, 2018-2020 |
|---|---|---|---|---|
| billion USD | ||||
| China | 259 | 256 | 188 | -14.8% |
| United States | 224 | 194 | 118 | -27.5% |
| India | 120 | 105 | 70 | -23.5% |
| South Korea | 101 | 87 | 57 | -24.9% |
| Japan | 98 | 86 | 55 | -25.5% |
In value terms, the largest crude oil and processed petroleum importing markets worldwide were China ($188.1B), the United States ($117.9B) and India ($70.5B), together accounting for 33% of global imports. South Korea, Japan, the Netherlands, Singapore, Germany, France, the UK, Belgium, Spain and Italy lagged somewhat behind, together accounting for a further 33%.
Among the main importing countries, Belgium recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced a decline in the imports figures.
Crude Oil and Processed Petroleum - Top Exporters
| COUNTRY | 2018 | 2019 | 2020 | CAGR, 2018-2020 |
|---|---|---|---|---|
| billion USD | ||||
| Saudi Arabia | 217 | 185 | 121 | -25.3% |
| Russia | 207 | 189 | 118 | -24.7% |
| United States | 144 | 153 | 111 | -12.3% |
| United Arab Emirates | 103 | 101 | 68 | -18.7% |
| Canada | 80 | 82 | 56 | -16.4% |
In value terms, Saudi Arabia ($121.2B), Russia ($117.7B) and the United States ($111B) were the countries with the highest levels of exports in 2020, with a combined 29% share of global exports. The United Arab Emirates, Canada, Iraq, the Netherlands, Iran, Kuwait, Nigeria, Norway, Brazil and Kazakhstan lagged somewhat behind, together comprising a further 34%.
Among the main exporting countries, Iran saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced a decline in the exports figures.
Crude Oil and Processed Petroleum - Market Forecast
Driven by rising demand for crude oil and processed petroleum worldwide, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of for the period from 2020 to 2030, which is projected to bring the market volume to by the end of 2030.
Crude Oil and Processed Petroleum - Product Coverage
- HS 2709 - Petroleum oils and oils obtained from bituminous minerals; crude
- HS 2710 - Petroleum oils, oils from bituminous minerals, not crude; preparations n.e.s. containing less than 70% petroleum oils, oils from bituminous minerals; these being the basic constituents of the preparations
