Mineral Oil Import Export Data: Trends, Top Exporters, Global Insights & Latest News
Mineral oil has established itself as one of the major commodities shaping the global energy and industrial landscape. In the financial year 2023–24, rapid industrialization and evolving energy needs have driven significant growth in mineral oil trade. Efficient access to trusted import export data providers is indispensable for stakeholders tracking trends or making critical trade decisions in this sector.
Understanding Mineral Oil Import Export Data
Relying on a reputable import export trade data provider is key to navigating the intricate flows of mineral oil worldwide. These global import export data providers collate and validate vast datasets, tracking shipments, suppliers, buyers, and transactional values. Such import export data helps government agencies, energy corporations, and financial analysts interpret market shifts and competitive dynamics.
Total Mineral Oil Export: 2023–24
During 2023–24, global mineral oil exports reached a value between $1.3–1.6 trillion, reflecting both sustained demand and volatility. According to the latest import export data, global exports declined about 9.5% in 2024 compared to 2023. The all-time high reflected in previous years—over $1.5 trillion—in 2022 puts the recent numbers into perspective. Saudi Arabia, Russia, and Iraq lead the charts as top mineral oil exporters based on recent trade data.
Top Mineral Oil Exported Products
Mineral oils span a broad range of products: crude oil, petroleum distillates, lubricating oils, white oils, and transformer oils. By far, crude oil and its direct derivatives—mainly under HS codes 2709 (crude oil) and 2710 (refined petroleum oils)—dominate export volumes and value. Specialty mineral oils such as white oil and lubricating oils also feature prominently in niche industrial applications worldwide.
Top 5 Exporting and Importing Countries
Based on the most recent global import export data, these nations top the charts:
| Role | Country | Export/Import Value (2023, USD Bn) |
|---|---|---|
| Exporter | Saudi Arabia | 700 |
| Exporter | Russia | 500 |
| Exporter | Iraq | 450 |
| Exporter | Canada | 300 |
| Exporter | Kuwait | 200 |
| Importer | China | 500 |
| Importer | India | 200 |
| Importer | USA | 100 |
| Importer | Japan | 70 |
| Importer | South Korea | 60 |
Saudi Arabia and Russia are global export leaders, while China and India dominate as importers, each securing vast mineral oil imports for domestic energy demands and refining.
Top 5 Buyers and Suppliers Globally
Trade data highlights leading companies and entities:
Exxon Mobil Corporation: $355 billion in mineral oil import export data value, a dominant supplier worldwide.
CASTROL MEXICO SA DE CV: Leading importer by shipment volume, accounting for 30% of global mineral oil imports.
IMPORTADORA AMAZON MEXICO S DE R L DE CV: Notable buyer with 24% share of imports.
Bharat Petroleum, Indian Oil, and Reliance Industries: Top Indian importers/suppliers, shapes both regional and global flows.
Top Import/Export Companies in India
India’s mineral oil market is robust, marked by its heavy reliance on imported crude. The top companies fueling this ecosystem include:
Indian Oil Corporation (IOC)
Bharat Petroleum Corporation Limited (BPCL)
Hindustan Petroleum Corporation Limited (HPCL)
Reliance Industries Limited (RIL)
Nayara Energy
On the export side, these same conglomerates figure as prominent suppliers given India’s capacity in refining and exporting petroleum products, especially to Africa, Asia, and Europe.
Global Trade Issues Impacting Mineral Oil
The global mineral oil trade faces numerous headwinds:
Geopolitical instability in the Middle East and Eastern Europe.
OPEC+ output controls and their impact on price fluctuations.
Shipping bottlenecks and rising insurance costs in high-risk maritime corridors.
Environmental pressure and regulations urging cleaner fuels and emission reductions.
Volatile currency exchange rates influencing global import export data values.
These factors mean that having reliable, up-to-date import export data from an expert trade data provider is critical for navigating risks and capitalizing on opportunities as they emerge.
HSN Codes for Mineral Oil
Harmonized System Nomenclature (HSN) codes provide a universal standard to classify commodity trade, and mineral oil falls under several main codes:
2707: Oils and products of their distillation (excluding crude).
2709: Crude petroleum oils.
2710: Petroleum oils (refined), lubricants, light, and heavy oils.
These codes underpin the import export data managed by every global import export data provider and are indispensable for tracking, compliance, and analytics.
Latest News and Reports (2023–2025)
Recent years have witnessed key developments:
India’s import of mineral oil stood at $141.5 billion in 2024, making it the world’s third-largest importer.
The share of crude oil imports from OPEC countries to India fell sharply as the nation diversified its supplier base.
New trade restrictions and green regulations have been proposed across major markets, causing traders to increasingly rely on up-to-the-minute import export data.
The global shipping industry saw increased insurance premiums and freight costs due to regional conflicts and red-sea piracy.
Record plant expansions in Asia and the Middle East have started to shift the center of gravity in mineral oil downstream investments.
Conclusion: Harnessing Data for Strategic Advantage
In light of ongoing volatility and structural shifts, leveraging a trusted global import export data provider is more essential than ever. Import export trade data providers empower stakeholders to make agile, data-driven decisions, mitigate risks, and seize market opportunities across the mineral oil landscape. Whether tracking the largest exporters, identifying major importers, or mapping critical company trade flows, the sector’s future belongs to those who make data—and insight—the center of their strategy.
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