Petroleum Market - USA Becomes The Leading Exporter of Petroleum

Crude Petroleum December 02, 2016
Author: Maria Fadeeva
Market Analyst

petroleum market

Photo: © Sorapop / Bigstockphoto

The global petroleum trade amounted to 609,168 million USD in 2015, showing strong fluctuations over the period under review. A 36% drop in 2009 was followed by recovery over the next four years, until exports decreased again.

According to IndexBox estimates, USA emerged as the leading global importer of petroleum over the period under review, surpassing Russia. In 2015, the USA's petroleum exports totaled 74,710 million USD, which accounted for a 12% share in terms of global exports. Russia, Singapore, the Netherlands, and the Republic of Korea were the other key global suppliers of petroleum in 2015, with a 30% combined share of global exports.

USA (+13.7% per year) and the Republic of Korea (+3.5% per year) were the fastest growing exporters on the petroleum market from 2007 to 2015. USA significantly strengthened its position in terms of global exports of petroleum, growing its share from 5% in 2007 to 12% in 2015.

Meanwhile, USA (8.8%, based on value terms), Singapore (7.3%), the Netherlands (4.5%), France (3.7%), and Germany (3.5%) were the leading destinations of petroleum imports in 2015. Imports to Singapore grew at a pace of +4.6% per year from 2007 to 2015. By contrast, USA contracted its imports of petroleum over the same period. The shares of all major importers remained relatively stable over the period under review, with the exception of the USA, which saw a -6 percentage point decline in its share size.

Global Exports Of Petroleum, In Value Terms

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Source: World: Petroleum - Market Report. Analysis And Forecast To 2020