Russia Dominates Crude Oil Export 2024: Market Shift

Global Crude Oil Export Market Landscape

In global trade, Crude Oil is tracked under HS Code 2709, covering unrefined petroleum extracted for energy and industrial use. As the lifeblood of global energy markets, it fuels refining hubs and consumer economies, with trade flows heavily influenced by geopolitical and economic factors.

Strategic Insights

• Market Momentum: Global Crude Oil exports faced volatility in 2024, peaking at $56.01B in January before declining to $43.35B by December, signaling a contraction in trade momentum.
• Geographic Power: Russia dominates supply (41.08% weight share), while demand is led by India (40.86% value share), reflecting a concentrated supply chain feeding refining hubs and major consumer economies.
• Supply Chain Structure: The market is tightly controlled by Dominators—high-frequency exporters (62.84% shipment share) hold 87.25% of export value, leaving buyers with limited negotiation leverage.

Global Crude Oil Export Trend in 2024 Whole Year

Global Crude Oil exports demonstrated notable volatility throughout 2024, showing resilience amid shifting market conditions.

• Aggregate Performance: Total observed export value indicated significant fluctuations across the year, with periods of strong growth followed by sharp contractions.
• Period Dynamics: Trade activity declined from a high of $56.01B in January to $43.35B by December, reflecting a substantial shift in export momentum.

Table: Crude Oil Export Trend in 2024 Whole Year

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Crude Oil Global Market Structure: Supply vs. Demand

Top Origin Countries & Production Hubs

• Russia dominates global crude oil supply, commanding 41.08% of export weight and 26.49% of export value. This indicates significant pricing influence.
• Supply is monopolistic; Russia's weight share exceeds the next 4 exporters combined. Top 3 exporters (Russia, Kazakhstan, Mexico) hold 80% of export weight.
• Kazakhstan (Rank 3, 14.51% weight) and Mexico (Rank 4, 24.22% weight) are key challengers. Nigeria (Rank 2) is a major value player (13.75% share) despite lower volume.

Top Destination Countries & Consumption Markets

• India is the dominant importer (40.86% value share), followed by Nigeria (13.07% value). The US and China Mainland are major buyers (8.41% and 8.15% value share respectively).
• Demand is driven by refining/processing hubs (India, Nigeria) and major consumer economies (US, China, EU nations like Italy and Spain). India's massive value share signals its role as a global refining center.
• Emerging markets like Brazil (1.72% value share) and Chile (2.42% value share) feature in the top importers, reflecting growing energy needs.

Supply-Demand Dynamics

• Highly concentrated supply (led by Russia) meets diversified global demand. Russia's weight dominance gives exporters collective pricing power.
• Primary flows move from major producers (Russia, Middle East, Africa, LatAm) to Asian refining hubs (India) and large consumer economies (US, China, EU).
• Key Takeaway: Exporters, particularly Russia, hold structural pricing power due to supply concentration. Major refiners (India) and consumers (US, China) compete for volumes.

Table: Global Crude Oil Export —— Top Destination Countries

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Table: Global Crude Oil Export —— Top origin Countries

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Global Crude Oil Export Analysis: Key Suppliers & Buyers

Suppliers Concentration & Strategy

• Highly consolidated: Dominators (62.84% of shipments) hold 87.25% of total export value.
• Operational style: Majority power lies with High-Frequency shippers (62.84% shipment share). Bulk Movers (low frequency) are minor players (5.81% shipment share).
• Buyer implication: Heavy reliance on a few dominant exporters. Limited negotiation leverage for buyers. Securing long-term contracts with Dominators is critical.

Oversea Buyers Procurement Patterns

• Procurement behavior: Dominant buyers prefer frequent shipments (69.76% shipment share, 56.38% quantity share). Bulk stockpiling (High Value/Low Freq) is significant in volume (34.76% quantity share) but rare (3.47% shipment share).
• Market tier: Dominated by giants. Dominator buyers hold 87.69% of import value. SME buyers (Low Value clusters) drive only 5.38% combined value share.

Market Entry & Negotiation Strategy

• New suppliers: Target Dominator buyers first. Expect tough negotiation. Prove reliability for high-frequency shipments.
• New buyers: Focus on Dominator exporters for core supply. Prepare for limited spot flexibility. Use Bulk Movers (High Value/Low Freq) for opportunistic large-volume purchases. Ignore the Niche/Occasional segment.
• Market reality: Dominators control supply and demand. New entrants need strong value propositions or niche offerings outside core Dominator flows. Spot market plays are secondary.

Table: Global Crude Oil Export —— Top Buyers

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Table: Global Crude Oil Export —— Top Suppliers

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Frequently Asked Questions

What is the HS Code for Crude Oil?

HS Code 2709 covers petroleum oils and crude oils obtained from bituminous minerals, including unrefined and partially refined variants.

Which country is the largest exporter of Crude Oil in 2024 Whole Year?

Russia dominated global exports with $191.23B in value, making it the largest supplier of Crude Oil (HS 2709) in 2024.

Who are the top importers of Crude Oil in 2024 Whole Year?

India ($271.73B), Nigeria ($86.88B), and the United States ($55.95B) were the leading importers. India is a major consumption market, while others serve as refining or transit hubs.

Who are the major suppliers and companies trading Crude Oil in 2024 Whole Year?

Key buyers include P.M.I. Comercio Internacional S.A. de C.V ($62.76B) and Indian Oil Corporation Limited ($45.78B). Top suppliers are Nigeria National Petroleum Corporation ($65.95B) and Pemex Exploración y Producción EPS ($65.44B).

Why do Crude Oil import rankings sometimes differ from export destination lists?

Trade asymmetries occur because export data records intended destinations (FOB value), while imports reflect actual arrivals (higher CIF value). Discrepancies also arise from trans-shipments via intermediary hubs.

How to find reliable Crude Oil suppliers and exporters in 2024 Whole Year?

Access verified shipment records, bills of lading, and active suppliers for HS 2709 via the yTrade database, covering key regions like Russia and other major origins.