HS Code:
The 'For use as oil stock' category under the Harmonized System (HS) Code generally refers to crude oils, petroleum products, or other hydrocarbon-based materials intended for use as feedstock in refineries or for further processing into fuels and other derivatives. This category plays a critical role in the global energy supply chain, as oil stocks are essential for producing gasoline, diesel, and other petrochemical products. Trade in this category is influenced by geopolitical factors, production capacities, and energy demand fluctuations.
Total Trade Volume
Approximately $1.2 trillion USD
Data from 2022
Source
United Nations Comtrade Database and International Energy Agency (IEA)
$250 billion USD
20.8% of total trade of total trade
Increasing
$180 billion USD
15.0% of total trade of total trade
Decreasing
$150 billion USD
12.5% of total trade of total trade
Increasing
$90 billion USD
7.5% of total trade of total trade
Stable
$80 billion USD
6.7% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
12% (applied by certain developing economies for revenue protection)
Lowest Rate
0% (under free trade agreements like OPEC+ and USMCA)
Shift towards renewable energy sources
Reduced long-term demand for oil stocks in developed economies, pushing exporters to diversify markets towards Asia and Africa
2020-2023
Geopolitical instability in key producing regions
Price volatility and supply chain disruptions, prompting importers to seek alternative suppliers or invest in domestic production
2022-2023
Increase in shale oil production
United States and Canada gaining market share, reducing dependence on Middle Eastern oil stocks
2018-2023
OPEC+ announced a reduction in oil production by 2 million barrels per day to stabilize prices amid global economic slowdown concerns.
October 2022
Increased oil prices globally, benefiting exporters but straining importer economies
The European Union imposed a phased ban on Russian oil imports as part of sanctions following geopolitical tensions, redirecting trade flows to Asia.
December 2022
Significant reduction in Russian oil stock exports to Europe, with India and China becoming larger buyers
The United States released 180 million barrels from its Strategic Petroleum Reserve to curb rising fuel prices domestically.
March 2022
Temporary stabilization of global oil prices, though long-term supply concerns persist