Global Crude Oil Import 2025 Q1: Demand Resilience

Global Crude oil Import Market Landscape

In global trade, Crude oil is tracked under HS Code 2709, covering unrefined petroleum extracted from geological reserves. As the lifeblood of energy markets, it serves as the primary feedstock for refining into fuels and petrochemicals, making it a strategically vital commodity with geopolitical pricing sensitivity.

Strategic Insights

• Market Momentum: Q1 2025 saw volatile swings—a 7.95% value drop in February reversed by a 19.13% surge in March, signaling demand resilience despite mid-quarter price pressures.
• Geographic Power: Supply is monopolized by Kazakhstan (72.3% export volume), feeding fragmented demand led by India (41.73% import value), creating asymmetric pricing leverage for Central Asian producers.
• Supply Chain Structure: Dominated by giants—TotalEnergies and KAZMUNAYGAS control 84.69% of supplier value, while buyers face rigid term contracts with limited spot market flexibility.

Global Crude oil Import Trend in 2025 Q1

Global crude oil imports experienced notable volatility in Q1 2025, with a sharp mid-quarter dip followed by a strong recovery.

• A significant downturn occurred in February, with import value falling 7.95% to $47.99B despite a 13.67% surge in volume.
• The market rebounded forcefully in March, with value soaring 19.13% to $57.17B, supported by a 10.10% increase in volume.

Table: Crude oil Import Trend in 2025 Q1

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Crude oil Global Market Structure: Supply vs. Demand

Top Exporters & Production Hubs

• Kazakhstan dominates supply, controlling 72.3% of global export volume (70.56B units).
• Market structure is monopolistic: #1 exporter holds >70% volume share, with top 3 (Kazakhstan, Russia, Mexico) representing 73.2% of volume.
• No meaningful challengers: Russia (#2) and Mexico (#3) hold <1% volume share each.

Top Importers & Consumption Markets

• India is the anchor buyer, capturing 41.73% of import value ($54.69B). Nigeria and Italy follow as secondary buyers.
• Demand driven by consumption economies: Top importers (India, Italy, US, Chile, Spain) indicate end-user consumption, not processing.
• Emerging markets lead: India (developing economy) dominates demand, with Nigeria and Chile also in top 10.

Supply-Demand Dynamics

• Extreme supply concentration meets fragmented demand: Single exporter (Kazakhstan) feeds multiple mid-sized importers.
• Flow from resource-rich to growth economies: Central Asian/Russian supply flows to Asian (India) and European (Italy) consumers.
• Pricing power favors Kazakhstan: Supply monopolist holds leverage over fragmented buyers, especially volume-dependent importers like India.

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 (29% of shipments) hold 84.69% of value.
• Operational Style: High-frequency shipping dominates (59% of shipments via Low-Value players).
• Risk/Opportunity: Buyers face heavy reliance on few giants (TotalEnergies, Karazhanbasmunai). Limited spot market flexibility.

Oversea Buyers Procurement Patterns

• Procurement Behavior: Split strategy. Dominators (37.84% frequency) drive 76.55% value, while Bulk Movers (3% frequency) take 39.94% volume.
• Market Tier: Giant-driven. Dominators (KAZMUNAYGAS, PARCO) control 70% weight share. Low-Value buyers are fragmented SMEs.

Market Entry & Negotiation Strategy

• New Supplier: Target Bulk Movers (ADNOC, PTT) for spot deals. Avoid competing head-on with Dominators’ volume leverage.
• New Buyer: Secure term contracts with Dominator suppliers. Use niche players (ТОО ПОТЕНЦИАЛ ОЙЛ) for pilot orders.
• Critical Note: Spot market access is limited. 89% of supplier weight controlled by High-Value clusters.

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 2025 Q1?

Kazakhstan dominated global exports with $41.18B in value, making it the top supplier of crude oil during this period.

Who are the top importers of Crude oil in 2025 Q1?

India ($54.69B), Nigeria ($9.84B), and Italy ($9.48B) were the leading importers. India serves as a major refining hub, while Nigeria and Italy are key processing and consumption markets.

Who are the major suppliers and companies trading Crude oil in 2025 Q1?

Top suppliers include ТОО ТЕНГИЗШЕВРОЙЛ ($20.53B) and PEMEX ($10.33B). Key buyers are TENGIZCHEVROIL INTERNATIONAL BERMUDA LIMITED ($12.91B) and BHARAT PETROLEUM ($10.66B).

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

Trade asymmetries occur because export data (FOB value) records the intended destination, while import data (CIF value) reflects the actual arrival. Trans-shipments via intermediary hubs also cause discrepancies.

How to find reliable Crude oil suppliers and exporters in 2025 Q1?

Access verified shipment records and active supplier lists for HS Code 2709 via the yTrade database, which identifies partners in key regions like Kazakhstan.