Crude Oil Export 2023: Market Shift
Global Crude Oil Export Market Landscape
Product Definition
Crude Oil, classified under HS Code 2709, is the world’s most traded energy commodity, serving as the primary feedstock for refining into fuels and petrochemicals. Its global trade is heavily influenced by geopolitical shifts, supply constraints, and industrial demand cycles.
Strategic Insights
- Market Momentum: Global Crude Oil exports edged upward in 2023, with annual value rising from $46.58B in January to $49.82B by December, despite a 6.2% volume contraction. Monthly volatility highlighted sensitivity to geopolitical and pricing pressures.
- Geographic Power: Supply is monopolized by Russia (35.1% share), while demand centers on India (44.9% of imports). The trade axis has pivoted eastward, with Russian flows bypassing Europe for Asian refining hubs.
- Supply Chain Structure: Dominated by giants—TotalEnergies, PEMEX, and Rosneft control 87% of export value. Buyers like PetroChina and KazMunayGas leverage bulk purchases, locking in long-term contracts and marginalizing spot market flexibility.
Global Crude Oil Export Trend in 2023 Whole Year
Global Crude Oil exports demonstrated resilience throughout 2023, navigating significant monthly volatility without major policy shifts.
- Aggregate Performance: Total export value showed a slight upward trajectory for the year, despite pronounced month-to-month fluctuations in both value and volume.
- Period Dynamics: Exports climbed from $46.58B in January to $49.82B by December, though volume notably decreased from 80.28B kg to 75.27B kg over the same period.
Table: Crude Oil Export Trend in 2023 Whole Year
| Date | Value | Weight | Unit Price | Value MoM | Weight MoM | Unit Price MoM |
|---|---|---|---|---|---|---|
| 2023-01-01 | 46.58B USD | 80.28B kg | $0.58/kg | N/A | N/A | N/A |
| 2023-02-01 | 43.27B USD | 72.79B kg | $0.59/kg | -7.10% | -9.32% | +2.45% |
| 2023-03-01 | 48.75B USD | 87.94B kg | $0.55/kg | +12.65% | +20.81% | -6.75% |
| 2023-04-01 | 44.26B USD | 84.05B kg | $0.53/kg | -9.21% | -4.42% | -5.01% |
| 2023-05-01 | 49.04B USD | 92.26B kg | $0.53/kg | +10.79% | +9.77% | +0.93% |
| 2023-06-01 | 42.17B USD | 82.03B kg | $0.51/kg | -14.01% | -11.09% | -3.28% |
| 2023-07-01 | 44.40B USD | 83.14B kg | $0.53/kg | +5.29% | +1.35% | +3.89% |
| 2023-08-01 | 49.67B USD | 82.03B kg | $0.61/kg | +11.87% | -1.33% | +13.38% |
| 2023-09-01 | 52.79B USD | 86.37B kg | $0.61/kg | +6.28% | +5.29% | +0.93% |
| 2023-10-01 | 55.72B USD | 84.31B kg | $0.66/kg | +5.55% | -2.38% | +8.13% |
| 2023-11-01 | 49.64B USD | 75.95B kg | $0.65/kg | -10.90% | -9.91% | -1.10% |
| 2023-12-01 | 49.82B USD | 75.27B kg | $0.66/kg | +0.35% | -0.89% | +1.25% |
Get Crude Oil Data Latest Updates
Crude Oil Global Market Structure: Supply vs. Demand
Top Origin Countries & Production Hubs
- Russia dominates supply with 35.1% global export value share ($201.98B), establishing monopolistic influence.
- Supply is highly consolidated: Top 3 exporters (Russia, Kazakhstan, Mexico) control 59.1% of total export value.
- Kazakhstan emerges as key challenger with 15.7% value share ($90.57B), leveraging its pipeline infrastructure.
Top Destination Countries & Consumption Markets
- India commands demand with 44.9% import value share ($226.82B), followed by China at 12.8% ($64.60B).
- Demand is dual-natured: India/China drive industrial processing (refining hubs), while US/Italy reflect consumer-fuel economies.
- Emerging markets anchor trade: Turkey (4.5%) and Indonesia (2.2%) show rising strategic import volumes.
Supply-Demand Dynamics
- Extreme concentration imbalance: Monopolistic supply (Russia) meets hyper-focused demand (India).
- Geographic pivot confirmed: Russian exports flow eastward to Asia (India/China), bypassing traditional Atlantic routes.
- Pricing power asymmetry: Russia and India jointly control leverage – exporters via volume control, importers via captive market.
Table: Global Crude Oil Export —— Top Destination Countries
| Destination Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| INDIA | 226.82B | 1.47B | 5.74K | 122.08B |
| CHINA MAINLAND | 64.60B | 5.87B | 2.83K | 170.61B |
| UNITED STATES | 49.03B | 11.84B | 2.02K | 102.93B |
| TURKEY | 22.48B | 30.46B | 2.67K | 44.37B |
| ITALY | 17.08B | 27.65B | 588.00 | 28.63B |
| PANAMA | ****** | ****** | ****** | ****** |
Check Crude Oil Export Detailed Country Profile
Table: Global Crude Oil Export —— Top origin Countries
| Origin Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| RUSSIA | 201.98B | 9.27B | 11.00K | 475.33B |
| KAZAKHSTAN | 90.57B | 138.70B | 3.49K | 149.97B |
| MEXICO | 47.62B | 656.45M | 1.23K | 92.33B |
| IRAQ | 45.99B | 8.69B | 1.40K | 10.40B |
| SAUDI ARABIA | 41.34B | 8.03B | 1.06K | 12.35B |
| ARGENTINA | ****** | ****** | ****** | ****** |
Check Crude Oil Export Detailed Country Profile
Global Crude Oil Export Analysis: Key Suppliers & Buyers
Suppliers Concentration & Strategy
- Power Center: Highly Consolidated. Dominator suppliers (High Value/High Frequency) hold 87.15% of total export value with only 61.26% of shipments.
- Operational Style: Dominated by frequent, high-volume shippers. High-Frequency clusters (High & Low Value combined) account for 84.55% of all shipments.
- Risk/Opportunity: Buyers face high reliance on a few giants (e.g., TotalEnergies, PEMEX) for core supply. Smaller players offer flexibility but handle only 12.85% of total value.
Oversea Buyers Procurement Patterns
- Procurement Behavior: Dominated by frequent, high-value purchases. Dominator buyers (High Value/High Frequency) drive 88.61% of import value with 69.04% shipment frequency.
- Market Tier: Concentrated. Dominator buyers (e.g., KazMunayGas, PetroChina) control the market. Bulk Movers (High Value/Low Frequency) like Shell handle 25.38% of volume infrequently, indicating major stockpiling events.
Market Entry & Negotiation Strategy
- New suppliers must target Dominator buyers to secure large, stable contracts. Expect tough terms due to their leverage.
- Buyers seeking alternatives should explore Bulk Mover suppliers (e.g., Rosneft) for spot deals, but prepare for volatility.
- Avoid over-reliance on Low-Value/Low-Frequency clusters; they represent marginal volume and unreliable streams.
- Negotiate firmly with High-Frequency suppliers; their model favors long-term commitments over spot flexibility.
Table: Global Crude Oil Export —— Top Buyers
| Buyer Company | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| INDIAN OIL CORPORATION LIMITED | 45.86B | 70.19M | 813.00 | 24.73B |
| BHARAT PETROLEUM CORPORATLTD | 39.80B | 66.51M | 1.32K | N/A |
| HINDUSTAN PETROLEUM CORPORATION LIMITED | 28.99B | 46.24M | 775.00 | 1.41B |
| RELIANCE INDUSTRIES LIMITED | ****** | ****** | ****** | ****** |
Access Crude Oil Trade Company Profile
Table: Global Crude Oil Export —— Top Suppliers
| Supplier Company | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| ПАО НК РОСНЕФТЬ | 59.61B | N/A | 1.58K | 179.51B |
| ТОО ТЕНГИЗШЕВРОЙЛ | 38.28B | 58.87B | 360.00 | 58.84B |
| SAUDI ARABIAN OIL COMPANY | 27.77B | 7.61B | 770.00 | 5.31B |
| SOMO | ****** | ****** | ****** | ****** |
Access Crude Oil Trade Company Profile
Frequently Asked Questions
What is the HS Code for Crude Oil?
The HS Code for Crude Oil is 2709, covering petroleum oils and oils obtained from bituminous minerals in their crude state.
Which country is the largest exporter of Crude Oil in 2023 Whole Year?
Russia dominated global exports in 2023, shipping Crude Oil worth 201.98B and accounting for the highest supply volume.
Who are the top importers of Crude Oil in 2023 Whole Year?
India, China Mainland, and the United States were the top importers, driven by massive refining capacity and energy consumption needs.
Who are the major suppliers and companies trading Crude Oil in 2023 Whole Year?
Key suppliers include ПАО НК РОСНЕФТЬ (Russia) and Saudi Arabian Oil Company, while top buyers feature Indian Oil Corporation Limited and Bharat Petroleum Corporation Ltd.
Why do Crude Oil import rankings sometimes differ from export destination lists?
Trade asymmetries occur because exports report intended destinations (FOB value), while imports track actual arrivals (CIF value). Trans-shipments via hubs like Panama further distort data alignment.
How to find reliable Crude Oil suppliers and exporters in 2023 Whole Year?
Access verified shipment records, bills of lading, and active suppliers for HS Code 2709 via the yTrade database, targeting key origins like Russia.
2025 Sep Colombia Transformers and Converters (HS 8504) Export Snapshot: Volume Surge
Colombia's Transformers and Converters Export (HS Code 8504) surged 26.72% in September 2025, with the US leading as the top buyer. Track trends on yTrade.
Russia Dominates Crude Oil Export 2024: Market Shift
Track global Crude Oil (HS Code 2709) export trends on yTrade. Russia leads with $191.23B, while India tops imports. Discover key suppliers and trade dynamics.
