HS Code:
Petroleum oils and oils obtained from bituminous minerals, crude (HS Code: 2709) encompass unrefined crude oil and similar products derived from bituminous minerals. This category is a cornerstone of the global energy market, serving as the primary raw material for gasoline, diesel, and various petrochemical products. Crude oil trade is influenced by geopolitical factors, production capacities, and global energy demand.
Total Trade Volume
US$ 1.2 trillion
Data from 2022
Source
United Nations Comtrade Database
US$ 230 billion
19.2% of total trade of total trade
Increasing
US$ 180 billion
15.0% of total trade of total trade
Decreasing
US$ 150 billion
12.5% of total trade of total trade
Increasing
US$ 100 billion
8.3% of total trade of total trade
Stable
US$ 85 billion
7.1% of total trade of total trade
Increasing
Average Rate
3.5% ad valorem
Highest Rate
10% (applied by certain developing nations)
Lowest Rate
0% (under free trade agreements like OPEC or EU-US trade pacts)
Shift toward renewable energy sources
Gradual reduction in long-term demand for crude oil, pushing exporters to diversify economies
2020-2023
Geopolitical instability in key regions
Price volatility and supply chain disruptions due to conflicts in the Middle East and sanctions on Russia
2022-2023
Increase in US shale oil production
Shift in global supply dynamics, reducing dependence on Middle Eastern oil
2018-2022
OPEC+ announced production cuts of 2 million barrels per day to stabilize oil prices amid global economic slowdown concerns.
October 2022
Increased crude oil prices by 10% in Q4 2022, affecting importing nations' energy costs
The European Union imposed a phased ban on Russian crude oil imports as part of sanctions following the Ukraine conflict.
December 2022
Redirected trade flows, with India and China increasing imports of discounted Russian oil
The US released 180 million barrels from its Strategic Petroleum Reserve to curb rising fuel prices.
March 2022
Temporary stabilization of global oil prices, though long-term supply concerns persist