Crude oil and refined oil import market

Crude oil and refined petroleum products are essential for many industries around the world to survive. From powering cars and heating homes to producing plastics and chemicals, the demand for these products is insatiable. As a result, countries around the world rely heavily on imported crude oil and refined petroleum products to meet their energy needs.

Also Read: Major Import Markets for Petroleum Bitumen

Top 10 countries by import value

1. China – $357.1 billion in 2023

China is the world’s largest importer of crude oil and refined petroleum products, with imports valued at $357.1 billion in 2023. China’s rapid industrialization and increasing energy consumption have driven high demand for these resources.

2. United States – $231 billion by 2023

The United States ranks second in terms of import value, importing $231 billion worth of crude and processed petroleum in 2023. The country’s extensive transportation network and energy-intensive industries are the main drivers of its imports.

3. India – $145.2 billion by 2023

India follows closely behind the United States, importing $145.2 billion worth of crude and processed petroleum in 2023. The country’s growing population and expanding economy have led to an increasing demand for its energy resources.

4. South Korea – $101.8 billion in 2023

South Korea is a major importer of crude oil and refined petroleum products, with imports valued at $101.8 billion in 2023. The country’s strong manufacturing sector and reliance on imported energy resources drive its high demand.

5. Netherlands – $97.3 billion in 2023

The Netherlands is a major import market for crude oil and refined petroleum products, with imports valued at $97.3 billion in 2023. The country’s strategic location as a hub for European energy markets facilitates its large imports.

6. Japan – $93.8 billion in 2023

Japan is another major importer of crude oil and refined petroleum products, with imports of $93.8 billion in 2023. The country’s reliance on imported energy following the Fukushima nuclear accident has led to high demand for these products.

7. Singapore – US$80.6 billion by 2023

Singapore plays a vital role in the global energy market, importing $80.6 billion worth of crude and processed petroleum in 2023. The country’s strategic location as a major transshipment hub for oil and gas facilitates its large imports.

8. Germany – $71.7 billion in 2023

Germany is one of the largest importers of crude oil and refined petroleum products in Europe, with imports amounting to $71.7 billion in 2023. The country’s strong industrial base and high energy consumption drive its large imports.

9. France – $50.3 billion in 2023

France ranks ninth in terms of imports, importing $50.3 billion worth of crude and processed petroleum in 2023. The country’s diversified economy and energy-intensive industries contribute to its large import volumes.

10. United Kingdom – $48.5 billion in 2023

The UK is one of the major import markets for crude oil and refined petroleum products, with imports reaching $48.5 billion in 2023. The UK’s advanced manufacturing industry and high energy consumption drive its large imports.

Collectively, these major import markets for crude oil and refined petroleum products play a vital role in meeting global energy demand. As the world economy continues to grow and industry expands, reliance on these essential commodities is only expected to increase.

Source: IndexBox Market Intelligence Platform