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

RatingCountry
1United States
2China
3India
4Japan
5South 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

COUNTRY201920202021CAGR,
2019-2021
USD per ton
Brazil41128172-58.1%
Russia45430378-58.6%
Norway47830478-59.6%
Netherlands47231180-58.8%
Iraq45531581-57.8%
Kuwait47132583-58.0%
Kazakhstan47933686-57.6%
Saudi Arabia49333686-58.2%
Nigeria49635691-57.2%
Angola48035992-56.2%
United Arab Emirates49537295-56.2%
Iran515518133-49.2%
Canada3162303484.9%
Average484358106-53.3%

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

COUNTRY201920202021CAGR,
2019-2021
USD per ton
United Kingdom4913595354.4%
Netherlands5063045211.5%
Italy4713275195.0%
Japan4993535151.6%
Germany4753245073.3%
Spain576334506-6.3%
India4633284852.3%
Singapore497341425-7.5%
Taiwan (Chinese)485350424-6.5%
South Korea491344421-7.4%
China472325396-8.4%
United States3502463956.2%
Israel60507612.5%
Average456320438-1.9%

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

COUNTRY201920202021CAGR,
2019-2021
billion USD
China239176208-6.8%
United States132821382.2%
India102651062.1%
Japan734363-7.3%
South Korea704457-9.6%

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

COUNTRY201920202021CAGR,
2019-2021
billion USD
Saudi Arabia163108136-8.8%
Russia12273106-6.7%
Canada6949828.7%
Iraq835167-10.2%
United Arab Emirates694859-7.8%

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

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

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

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

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

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

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

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

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

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

This report provides an in-depth analysis of the crude oil market in the Middle East.

Geography