HS Code:
The category of Mineral Fuels, Mineral Oils and Products of Their Distillation; Bituminous Substances; Mineral Waxes (HS Code: 27) encompasses a wide range of energy-related products, including crude oil, natural gas, coal, petroleum products, and bituminous substances like asphalt. This category is a cornerstone of global trade due to its critical role in energy production, industrial processes, and transportation. It represents one of the largest traded commodity groups worldwide, driven by the energy demands of both developed and emerging economies. Trade patterns are influenced by geopolitical factors, production capacities, and environmental regulations.
Total Trade Volume
USD 2.1 trillion
Data from 2022
Source
United Nations Comtrade Database & World Trade Organization (WTO)
USD 326 billion
15.5% of total trade of total trade
Increasing
USD 283 billion
13.5% of total trade of total trade
Decreasing
USD 241 billion
11.5% of total trade of total trade
Increasing
USD 157 billion
7.5% of total trade of total trade
Stable
USD 126 billion
6.0% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries on petroleum products)
Lowest Rate
0% (under free trade agreements like NAFTA/USMCA and EU internal trade)
Shift towards renewable energy sources
Reduced long-term demand for fossil fuels, particularly coal and crude oil, as countries invest in solar, wind, and hydrogen technologies.
2020-2023
Geopolitical instability in key producing regions
Price volatility and supply chain disruptions due to conflicts in the Middle East and sanctions on Russia affecting global oil and gas markets.
2022-2023
Increase in shale oil and gas production
Growth in exports from the United States and Canada, reshaping global supply dynamics and reducing dependence on traditional OPEC suppliers.
2018-2023
OPEC+ announced production cuts of 2 million barrels per day to stabilize oil prices amidst global economic uncertainty and inflation pressures.
October 2022
Led to a temporary spike in oil prices, affecting importing countries' energy costs and inflation rates.
The European Union implemented a phased ban on Russian crude oil and refined products as part of sanctions following the Ukraine conflict.
December 2022
Redirected trade flows, with increased imports from Middle Eastern and African countries, while Russia pivoted to Asian markets like China and India.
A coalition of G7 countries introduced a price cap on Russian oil to limit Moscow's revenue while maintaining global supply stability.
December 2022
Created market uncertainty, with mixed compliance and challenges in enforcement, impacting global oil trade patterns.