Crude Oil Market
Crude oil market: download newly released statistics enhanced by an Ai-driven market intelligence tool. Facts and figures contain imports, market prices, market size, companies, consumption, exports, trade, and production. There is a split by country, including Latin America, China, the U.S., the Middle East, EU, Africa, Russia, and the U.K. Market trends and forecast to 2030 are also featured in the snapshots.
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Crude Oil - World's Largest Markets
| Rating | Country |
|---|---|
| 1 | United States |
| 2 | China |
| 3 | India |
| 4 | Japan |
| 5 | South Korea |
In value terms, the United States led the market, alone. The second position in the ranking was occupied by China. It was followed by India.
In the United States, the crude oil market declined by an average annual rate of -8.9% over the period from 2019-2021. In the other countries, the average annual rates were as follows: China (-3.4% per year) and India (+0.7% per year).
Crude Oil Prices
Lowest Prices - FOB - Top Exporters
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 |
|---|---|---|---|---|
| USD per ton | ||||
| Brazil | 411 | 281 | 72 | -58.1% |
| Russia | 454 | 303 | 78 | -58.6% |
| Norway | 478 | 304 | 78 | -59.6% |
| Netherlands | 472 | 311 | 80 | -58.8% |
| Iraq | 455 | 315 | 81 | -57.8% |
| Kuwait | 471 | 325 | 83 | -58.0% |
| Kazakhstan | 479 | 336 | 86 | -57.6% |
| Saudi Arabia | 493 | 336 | 86 | -58.2% |
| Nigeria | 496 | 356 | 91 | -57.2% |
| Angola | 480 | 359 | 92 | -56.2% |
| United Arab Emirates | 495 | 372 | 95 | -56.2% |
| Iran | 515 | 518 | 133 | -49.2% |
| Canada | 316 | 230 | 348 | 4.9% |
| Average | 484 | 358 | 106 | -53.3% |
Prices varied noticeably by the country of origin; the country with the highest price was Canada ($348 per ton), while Brazil ($72 per ton) was amongst the lowest.
From 2019 to 2021, the most notable rate of growth in terms of prices was attained by Canada, while the other global leaders experienced a decline in the export price figures.
Highest Prices - CIF - Top Importers
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 |
|---|---|---|---|---|
| USD per ton | ||||
| United Kingdom | 491 | 359 | 535 | 4.4% |
| Netherlands | 506 | 304 | 521 | 1.5% |
| Italy | 471 | 327 | 519 | 5.0% |
| Japan | 499 | 353 | 515 | 1.6% |
| Germany | 475 | 324 | 507 | 3.3% |
| Spain | 576 | 334 | 506 | -6.3% |
| India | 463 | 328 | 485 | 2.3% |
| Singapore | 497 | 341 | 425 | -7.5% |
| Taiwan (Chinese) | 485 | 350 | 424 | -6.5% |
| South Korea | 491 | 344 | 421 | -7.4% |
| China | 472 | 325 | 396 | -8.4% |
| United States | 350 | 246 | 395 | 6.2% |
| Israel | 60 | 50 | 76 | 12.5% |
| Average | 456 | 320 | 438 | -1.9% |
There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was the UK ($535 per ton), while Israel ($76 per ton) was amongst the lowest.
From 2019 to 2021, the most notable rate of growth in terms of prices was attained by Israel, while the other global leaders experienced more modest paces of growth.
Crude Oil - Top Importers
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 |
|---|---|---|---|---|
| billion USD | ||||
| China | 239 | 176 | 208 | -6.8% |
| United States | 132 | 82 | 138 | 2.2% |
| India | 102 | 65 | 106 | 2.1% |
| Japan | 73 | 43 | 63 | -7.3% |
| South Korea | 70 | 44 | 57 | -9.6% |
In value terms, the largest crude oil importing markets worldwide were China ($207.5B), the United States ($138.4B) and India ($106.3B), with a combined 45% share of global imports. These countries were followed by Japan, South Korea, the Netherlands, Germany, Italy, Spain, the UK, Singapore, Taiwan (Chinese) and Israel, which together accounted for a further 34%.
Israel (+159.1% per year) recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.
Crude Oil - Top Exporters
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 |
|---|---|---|---|---|
| billion USD | ||||
| Saudi Arabia | 163 | 108 | 136 | -8.8% |
| Russia | 122 | 73 | 106 | -6.7% |
| Canada | 69 | 49 | 82 | 8.7% |
| Iraq | 83 | 51 | 67 | -10.2% |
| United Arab Emirates | 69 | 48 | 59 | -7.8% |
In value terms, the largest crude oil supplying countries worldwide were Saudi Arabia ($135.8B), Russia ($106.3B) and Canada ($81.9B), with a combined 33% share of global exports. These countries were followed by Iraq, the United Arab Emirates, Iran, Kuwait, Nigeria, Kazakhstan, Angola, Norway, the Netherlands and Brazil, which together accounted for a further 39%.
In terms of the main exporting countries, the Netherlands recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced mixed trends in the exports figures.
Crude Oil - Market Forecast
Driven by rising demand for crude oil worldwide, the market is expected to start an upward consumption trend over the next ZERO-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of for the period from 2021 to 2021, which is projected to bring the market volume to by the end of 2021.
Crude Oil - Product Coverage
- HS 2709 - Petroleum oils and oils obtained from bituminous minerals; crude
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Eastern Asia - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights
$499
Jan 10, 2023
96
This report provides an in-depth analysis of the crude oil market in Eastern Asia.
World - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights
$499
Jan 10, 2023
85
This report provides an in-depth analysis of the global crude oil market.
Australia and Oceania - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights
$499
Jan 10, 2023
83
This report provides an in-depth analysis of the crude oil market in Australia and Oceania.
Northern America - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights
$499
Jan 10, 2023
69
This report provides an in-depth analysis of the crude oil market in Northern America.
Latin America and the Caribbean - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights
$499
Jan 10, 2023
66
This report provides an in-depth analysis of the crude oil market in Latin America and the Caribbean.
Africa - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights
$499
Jan 10, 2023
66
This report provides an in-depth analysis of the crude oil market in Africa.
Southern Asia - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights
$499
Jan 10, 2023
62
This report provides an in-depth analysis of the crude oil market in Southern Asia.
Central Asia - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights
$499
Jan 10, 2023
61
This report provides an in-depth analysis of the crude oil market in Central Asia.
South-Eastern Asia - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights
$499
Jan 10, 2023
59
This report provides an in-depth analysis of the crude oil market in South-Eastern Asia.
Middle East - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights
$499
Jan 10, 2023
51
This report provides an in-depth analysis of the crude oil market in the Middle East.
Geography
