Crude Oil Import 2023: Russia Dominates

Global Crude Oil Import Market Landscape

In global trade, Crude Oil is tracked under HS Code 2709, covering unrefined petroleum extracted for refining into fuels and petrochemicals. As the world’s most traded commodity, it serves as the backbone of industrial and transportation energy systems, with pricing and flows heavily influenced by geopolitical and macroeconomic factors.

Strategic Insights

• Market Momentum: Global crude oil imports surged to $615 billion in 2023, closing the year at $49.82 billion in December—up from $46.58 billion in January—despite mid-year volatility.
• Geographic Power: Russia dominates supply (35% value share), while India anchors demand (45% import share), reflecting a lopsided East-West flow where Asian economies drive consumption.
• Supply Chain Structure: Highly consolidated, with 61% of suppliers controlling 87% of export value, leaving buyers vulnerable to supply shocks and limiting negotiation power.

Global Crude Oil Import Trend in 2023 Whole Year

Global Crude Oil imports demonstrated significant volatility throughout 2023, showing resilience amid shifting market conditions.

• Aggregate Performance: The sector recorded substantial import activity, with a total observed value of over $615 billion for the year.
• Period Dynamics: Despite considerable monthly swings, the year concluded with imports valued at $49.82 billion, marking a net increase from the $46.58 billion starting point in January.

Table: Crude Oil Import Trend in 2023 Whole Year

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Crude Oil Global Market Structure: Supply vs. Demand

Top Origin Countries & Production Hubs

• Russia dominates supply with 35.09% value share and 36.74% shipment frequency, establishing monopolistic control.
• Supply is highly consolidated: Top 3 exporters (Russia, Kazakhstan, Mexico) command 59.1% of total export value.
• Kazakhstan emerges as key challenger (15.74% value share), leveraging pipeline access to critical markets.
• Iraq and Saudi Arabia hold strategic positions (7.99% and 7.18% value shares) despite lower volume ratios.

Top Destination Countries & Consumption Markets

• India anchors demand with 44.88% import value share, reflecting massive refining capacity expansion.
• China (12.78%) and the US (9.70%) follow as major end-consumers driving industrial and transportation needs.
• Demand is consumption-driven: Top importers are industrialized economies with high energy requirements, not re-export hubs.
• Turkey (4.45%) and Italy (3.38%) represent critical European demand nodes despite geopolitical constraints.

Supply-Demand Dynamics

• Monopolistic supply feeds semi-fragmented demand: Russia’s supply hegemony faces diversified buyer base beyond top 3 importers.
• Flows pivot East-West: Russian/Kazakh exports target Asian consumers (India/China), while Middle Eastern producers serve global markets.
• Pricing power favors exporters: Russia’s 35% value share outweighs India’s 44% import share, indicating supplier leverage in negotiations.

Table: Global Crude Oil Import —— Top Destination Countries

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Table: Global Crude Oil Import —— Top origin Countries

Check Crude Oil Import Detailed Country Profile

Global Crude Oil Import Analysis: Key Suppliers & Buyers

Suppliers Concentration & Strategy

• Power Center: Highly Consolidated. Dominators (61% of suppliers) control 87% of export value and 89% of volume.
• Operational Style: Dominated by high-frequency shippers. High-frequency clusters (High+Low Value) account for 85% of shipments.
• Buyer Implication: High reliance on a few large, stable suppliers. Limited negotiation power for buyers on core volumes. Spot opportunities exist primarily with Bulk Movers (High Value, Low Frequency - 9% value share).

Oversea Buyers Procurement Patterns

• Procurement Behavior: Dominated by large-scale, frequent purchases. Dominators (69% of buyers) drive 89% of import value and 76% of volume through high-frequency shipments.
• Market Tier: Concentrated buyer power. Dominators are the core market. Bulk Movers (High Value, Low Frequency - 8% value share) represent significant but infrequent large-volume stockpiling. Retail/JIT buyers (Low Value, High Frequency) are numerous (17% frequency) but minor in value (1%) and volume (1%).

Market Entry & Negotiation Strategy

• New Suppliers: Target Dominator buyers for volume, but expect stringent terms. Bulk Movers offer major spot/contract opportunities, requiring readiness for large, infrequent shipments.
• New Buyers: Secure long-term contracts with Dominator suppliers for core supply stability. Use Bulk Mover suppliers for opportunistic volume fills. Expect limited volume flexibility from Dominators.
• Risk Focus: Buyer vulnerability to supply chain disruption is high due to extreme supplier concentration. Diversify into Bulk Mover suppliers where feasible.

Table: Global Crude Oil Import —— Top Buyers

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Table: Global Crude Oil Import —— Top Suppliers

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Frequently Asked Questions

What is the HS Code for Crude Oil?

HS Code 2709 covers petroleum oils and oils obtained from bituminous minerals, crude. This includes unrefined crude oil extracted directly from reservoirs.

Which country is the largest exporter of Crude Oil in 2023 Whole Year?

Russia dominated global exports in 2023, shipping $201.98B worth of crude oil. This underscores its pivotal role in global supply chains.

Who are the top importers of Crude Oil in 2023 Whole Year?

India ($226.82B), China Mainland ($64.60B), and the United States ($49.03B) were the leading importers. These nations represent major refining and consumption hubs.

Who are the major suppliers and companies trading Crude Oil in 2023 Whole Year?

Key players include top buyers like Indian Oil Corporation Limited ($45.86B) and top suppliers like ПАО НК РОСНЕФТЬ ($59.61B) and Saudi Arabian Oil Company ($27.77B).

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

Trade asymmetries arise because exports report FOB value (origin-based), while imports use CIF value (includes insurance/freight). Trans-shipment hubs like Panama may also distort final destination data.

How to find reliable Crude Oil suppliers and exporters in 2023 Whole Year?

Access verified shipment records and active suppliers for HS Code 2709 via yTrade, focusing on key regions like Russia. This database provides bill of lading details for due diligence.