MAJOR CONTRIBUTOR TO GLOBAL TRADE DATA – CRUDE OIL

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 CRUDE OIL INDUSTRY IN THE GLOBAL WORLD

Crude oil is a type of unrefined oil that is formed from the deposits of hydrocarbons and other organic things which are derived from the dead remains of plants and animals. These plants and animals stayed beneath rocks and stones and after getting covered with various types of things, they turned into fossil fuels. These are then transformed into various petroleum products like diesel, petrol, and kerosene which are widely used.

Crude oil is listed in the list of the major traded commodities in the world. In the year 2021, the total market of crude oil touched a record high of USD 1400 billion. This tends to increase and reach USD 1610 billion by 2029. In the year 2019, crude oil was the topmost traded product in the world which dominated the Global Trade Data and Import-Export Data of any country.



The top exporters of crude oil in 2019 were:

·        Saudi Arabia (USD 145 billion)

·        Russia (USD 123 billion)

·        Iraq (USD 73.9 billion)

·        Canada (USD 67.5 billion)

·        The United States (USD 62 billion)

The top importers of crude oil in 2019 were:

·        China (USD 203 billion)

·        The United States (USD 122 billion)

·        India (USD 92.5 billion)

·        South Korea (USD 67.5 billion)

·        Japan (USD 63 billion)

By studying the Global Trade Data for the year 2020, we came to know that Crude oil was the 3rd most-traded product in the world amounting to USD 640 billion. In terms of percentages, USD 640 billion was almost 4% of the total trade in the world.

 

As per the Import Export Data and Global Trade Data for the year 2020, the major exporters of Crude Oil or petroleum were:

·        Saudi Arabia (USD 95.5 billion)

·        Russia (USD 74.3 billion)

·        The United States (USD 52.1 billion)

·        Canada (USD 47 billion)

·        Iraq (USD 45.1 billion)

On the other hand, Global Trade Data also mentions the major importers of crude oil. They are as follows:

·        China (USD 150 billion)

·        The United States (USD 75 billion)

·        India (USD 59 billion)

·        South Korea (USD 42 billion)

·        Japan (USD 38.1 billion)

Countries around the globe exported crude oil which was worth USD 820,830 in 2021 as it is shown in the Import Export Data for that year. In this amount, the major contribution was of OPEC countries accounting for almost USD 314,959 which is close to 38% of total trade.

As per the Import Export Data of various countries, it is noted that China, India, and Japan are the nations that import crude oil the most from OPEC nations. We can say this with confidence as the Global Trade Data for Crude oil shows that China imported crude oil worth USD 79,240 million which is followed by India amounting to USD 54,830 million.

LAST VERDICT

Due to the ever-increasing population in the world, the demand for crude oil is going to increase in the future by several folds. Organization of Petroleum Exporting Countries (OPEC) are rapidly increasing their production of crude oil to boost the Global Trade Data and export the same to fulfill the demand of the world and generate huge profits.

As per the current scenario of the world, i.e., the bad relations prevailing between Russia and Ukraine which is accompanied by the fact that Russia is not a part of OPEC, the exports of crude oil are going to boost and will contribute more to Global Trade Data by a considerable amount. Due to the war, many nations are not in the interest of importing oil from Russia, and hence, they are importing crude oil from OPEC nations. This factor will surely help in the growth of OPEC nations and will increase the Import Export Data of all the nations.

WHAT WE SUGGEST YOU

If you want further analysis and the best advice about the Import Export Data or Global Trade Data of any country, then get in touch with TradeImeX® Info Solution Pvt Ltd. We are one of the best companies available online that provide 100% accurate and reliable trade data from more than 70 countries including the Turkey Export Data and the Turkey Import Data at affordable prices. We deal in providing customized databases to our clients which are highly curated as per each client’s needs and wants.

 

 

 

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