Crude Oil Import 2024: Demand Softening
Global Crude Oil Import Market Landscape
In global trade, Crude Oil is tracked under HS Code 2709, covering unrefined petroleum extracted for processing into fuels and petrochemicals. As the world’s most traded commodity, it serves as the backbone of energy supply chains, with pricing and flows heavily influenced by geopolitical and macroeconomic factors.
Strategic Insights
- Market Momentum: Global crude imports showed volatility in 2024, starting strong at $56.01B in January but contracting to $43.35B by December, signaling year-end demand softening.
- Geographic Power: Russia dominates supply (26.49% export share), while India leads demand (40.86% import share). Trade flows pivot East-West, with Asian giants absorbing Russian and Kazakh exports.
- Supply Chain Structure: The market is supplier-consolidated (top 3 exporters hold 52.65% share) and buyer-driven by Dominators (87.69% import value), creating high reliance on few players like HPCL Mittal and Petron Corp.
Global Crude Oil Import Trend in 2024 Whole Year
Global Crude Oil imports demonstrated significant volatility throughout 2024, showing resilience amid shifting market conditions.
- Aggregate Performance: Total import value from observed months reflected a substantial trade flow, though marked by considerable monthly swings.
- Period Dynamics: The year began strongly at $56.01B in January but concluded at $43.35B in December, indicating a notable contraction in import value by year-end.
Table: Crude Oil Import Trend in 2024 Whole Year
| Date | Value | Weight | Unit Price | Value MoM | Weight MoM | Unit Price MoM |
|---|---|---|---|---|---|---|
| 2024-01-01 | 56.01B USD | 78.52B kg | $0.71/kg | N/A | N/A | N/A |
| 2024-02-01 | 48.93B USD | 70.40B kg | $0.70/kg | -12.65% | -10.35% | -2.56% |
| 2024-03-01 | 55.28B USD | 74.57B kg | $0.74/kg | +12.97% | +5.93% | +6.64% |
| ***** | ***** | ***** | ***** | ***** | ***** | ***** |
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| 2024-06-01 | 51.36B USD | 72.10B kg | $0.71/kg | ***** | ***** | ***** |
| 2024-07-01 | 58.51B USD | 75.11B kg | $0.78/kg | +13.92% | +4.17% | +9.36% |
| 2024-08-01 | 54.07B USD | 74.22B kg | $0.73/kg | -7.59% | -1.18% | -6.49% |
| 2024-09-01 | 65.58B USD | 105.10B kg | $0.62/kg | +21.30% | +41.60% | -14.34% |
| 2024-10-01 | 69.23B USD | 123.90B kg | $0.56/kg | +5.56% | +17.88% | -10.45% |
| 2024-11-01 | 44.63B USD | 53.87B kg | $0.83/kg | -35.53% | -56.52% | +48.27% |
| 2024-12-01 | 43.35B USD | 47.03B kg | $0.92/kg | -2.88% | -12.70% | +11.25% |
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Crude Oil Global Market Structure: Supply vs. Demand
Top Origin Countries & Production Hubs
- Russia dominates supply, capturing 26.49% of export value ($191.23B). This exceeds 30%, indicating monopolistic control.
- Supply is highly concentrated: Top 3 exporters (Russia, Nigeria, Kazakhstan) hold 52.65% of global export value share.
- Kazakhstan emerges as key challenger, ranking #3 with 12.41% value share ($89.58B). Nigeria (#2, $99.27B) holds volume but shows low physical quantity share (0.03%).
Top Destination Countries & Consumption Markets
- India is the dominant importer, absorbing 40.86% of global crude value ($271.73B). Nigeria is a distant second (13.07%, $86.88B).
- Demand reflects mixed drivers: India, US, and China signal strong end-consumer economies. Nigeria’s dual presence (exporter #2/importer #2) suggests processing/re-export activity.
- Italy and Chile show industrial demand patterns, with Italy importing high volume (25.99% quantity share) at lower average value.
Supply-Demand Dynamics
- Monopolistic supply meets semi-fragmented demand: Russia’s supply dominance contrasts with India’s large but non-majority (40.86%) import share.
- Flows pivot East-West: Russian and Kazakh exports move primarily to Asian giants (India, China). African/Mideast oil (Nigeria, Iraq, UAE) feeds global hubs.
- Pricing power favors exporters: Russia’s supply grip and concentrated top-3 exporters outweigh importers’ collective influence. India’s scale alone cannot offset supplier leverage.
Table: Global Crude Oil Import —— Top Destination Countries
| Destination Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| INDIA | 271.73B | 1.54B | 6.25K | 110.52B |
| NIGERIA | 86.88B | N/A | 1.48K | 2.14B |
| UNITED STATES | 55.95B | 18.74B | 2.15K | 198.49B |
| CHINA MAINLAND | 54.19B | 3.58B | 2.38K | 145.74B |
| ITALY | 23.06B | 34.14B | 807.00 | 37.19B |
| CHILE | ****** | ****** | ****** | ****** |
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Table: Global Crude Oil Import —— Top origin Countries
| Origin Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| RUSSIA | 191.23B | 493.67M | 8.57K | 417.65B |
| NIGERIA | 99.27B | 76.16M | 1.89K | 13.48B |
| KAZAKHSTAN | 89.58B | 138.89B | 3.08K | 147.51B |
| MEXICO | 80.76B | 1.09B | 1.88K | 246.22B |
| SAUDI ARABIA | 52.14B | 6.57B | 989.00 | 8.83B |
| ARGENTINA | ****** | ****** | ****** | ****** |
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Global Crude Oil Import Analysis: Key Suppliers & Buyers
Suppliers Concentration & Strategy
- Power Center: Highly consolidated. Dominators (High Value/High Frequency) hold 87.25% value share with only 62.84% of shipments.
- Operational Style: Dominated by frequent shippers. High Frequency clusters (Dominators + Retail/JIT) account for 82.55% of total shipments.
- Risk/Opportunity: Buyers face heavy reliance on a few giants (e.g., PETRON Singapore, Lukoil). Limited options exist for large-scale, consistent supply outside this group. Bulk Movers offer spot opportunities but represent only 9.23% volume.
Oversea Buyers Procurement Patterns
- Procurement Behavior: Dominated by frequent purchasing. Dominators (High Value/High Frequency) drive 69.76% of shipment frequency, indicating continuous restocking. Bulk Movers (High Value/Low Frequency) show large infrequent buys, holding 34.76% volume share with just 3.47% frequency.
- Market Tier: Highly consolidated. Dominators control 87.69% of import value, led by giants like HPCL Mittal and Petron Corp. Smaller players (Low Value clusters) are fragmented and handle minor volumes.
Market Entry & Negotiation Strategy
- New suppliers must target Dominator buyers for volume but expect intense competition and tough terms. Bulk Mover buyers (e.g., refineries like SOCIETE IVOIRIENNE RAFFINAGE) offer large spot deals but require readiness for infrequent, high-volume shipments.
- Buyers seeking alternatives to Dominator suppliers have limited high-volume options. Focus on securing long-term contracts with Dominators for stability. Explore Bulk Movers for opportunistic large purchases but build buffer inventory.
- Ignore Low Value/Low Frequency clusters initially; they represent marginal market noise.
Table: Global Crude Oil Import —— Top Buyers
| Buyer Company | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| P.M.I. COMERCIO INTERNACIONAL S.A. DE C.V | 62.76B | 868.16M | 1.43K | 129.31B |
| INDIAN OIL CORPORATION LIMITED | 45.78B | 71.12M | 1.24K | 13.16B |
| HINDUSTAN PETROLEUM CORPORATION LIMITED | 44.86B | 52.32M | 1.08K | 2.92B |
| BHARAT PETROLEUM CORPORATLTD | ****** | ****** | ****** | ****** |
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Table: Global Crude Oil Import —— Top Suppliers
| Supplier Company | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| NIGERIA NATIONAL PETROLEUM CORPORATION | 65.95B | N/A | 758.00 | 1.00M |
| PEMEX EXPLORACION Y PRODUCCION EPS | 65.44B | 904.24M | 1.47K | 134.00B |
| SAUDI ARABIAN OIL COMPANY | 37.36B | 5.66B | 656.00 | 4.21B |
| LITASCO MIDDLE EAST DMCC | ****** | ****** | ****** | ****** |
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Frequently Asked Questions
What is the HS Code for Crude Oil?
The HS Code for Crude Oil is 2709, covering petroleum oils and oils from bituminous minerals in their unrefined state.
Which country is the largest exporter of Crude Oil in 2024 Whole Year?
Russia is the top exporter, with $191.23B in export value, dominating global crude oil supply chains.
Who are the top importers of Crude Oil in 2024 Whole Year?
India ($271.73B), Nigeria ($86.88B), and the United States ($55.95B) lead imports, serving as major consumption and refining hubs.
Who are the major suppliers and companies trading Crude Oil in 2024 Whole Year?
Key suppliers include PEMEX EXPLORACION Y PRODUCCION EPS ($65.44B) and NIGERIA NATIONAL PETROLEUM CORPORATION ($65.95B), while top buyers are P.M.I. COMERCIO INTERNACIONAL S.A. DE C.V ($62.76B) and INDIAN OIL CORPORATION LIMITED ($45.78B).
Why do Crude Oil import rankings sometimes differ from export destination lists?
Discrepancies arise from Trade Asymmetries: exports report FOB values (origin-based), while imports use CIF values (arrival-based), with trans-shipment hubs further distorting data.
How to find reliable Crude Oil suppliers and exporters in 2024 Whole Year?
Access verified shipment records and supplier lists for HS Code 2709 via the yTrade database, targeting key regions like Russia.
Crude Oil Import 2023: Russia Dominates
Discover 2023's crude oil import trends with HS Code 2709. Russia leads exports while India tops imports. Explore data on yTrade for insights.
Crude Oil Import 2025: Market Volatility
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