In 2023, worldwide exports of refined petroleum oils reached a total value of $975.4 billion.

Over the past four years, the global refined oil export market has expanded by 35.9%, rising from $717.6 billion in 2019. However, compared to $1.128 trillion in 2022, the value of refined oil exports dropped by 13.6% in 2023.

The top 5 exporters of refined petroleum products last year were the United States, India, the Netherlands, Singapore, and South Korea. Together, these leading suppliers accounted for 38.7% of total refined oil exports worldwide.

From a continental perspective, Asian exporters led the market, shipping $471.6 billion worth of refined oil, representing 48.5% of global sales.

Europe ranked second with a 33.3% share of total refined oil exports.

North America contributed 13.6% of the global refined oil trade.

Smaller shares came from Latin America (2.2%), Africa (2.1%), and Oceania (0.4%), with Australia, Fiji, and Papua New Guinea leading exports from the latter region.

For reference, refined petroleum oils are classified under the Harmonized Tariff System (HTS) code 2710, which excludes crude oil.

Top 15 Refined Oil Exporters in 2023

Here are the 15 countries that recorded the highest export values for refined petroleum products last year:

1.United States – $112.9 billion (11.6% of global exports)

2.India – $85 billion (8.7%)

3.Netherlands – $72 billion (7.4%)

4.Singapore – $57 billion (5.8%)

5.South Korea – $50.9 billion (5.2%)

6.United Arab Emirates – $50.3 billion (5.2%)

7.Russia – $49.4 billion (5.1%)

8.China – $48.4 billion (5%)

9.Belgium – $45.2 billion (4.6%)

10.Saudi Arabia – $36.7 billion (3.8%)

11.Malaysia – $29.4 billion (3%)

12.Kuwait – $23.5 billion (2.4%)

13.Germany – $20.2 billion (2.1%)

14.Italy – $20 billion (2%)

15.Spain – $18.4 billion (1.9%)

Collectively, these 15 countries accounted for 73.7% of all refined oil exports in 2023.

Among these top exporters, some countries saw significant growth in their refined oil exports compared to 2022:

· Saudi Arabia experienced an astonishing 2,367,472% increase.

· Kuwait expanded its exports by 5.1%.

· China showed a modest growth of 0.2%.

Meanwhile, some countries saw notable declines in refined oil exports:

· United Arab Emirates (-38.1%)

· Russia (-33.6%)

· Spain (-23%)

· Italy (-21.6%)

· Germany (-20.6%)

Leading Refined Oil Exporting Companies (2024)

According to Tendata, these are the top 10 global oil and gas companies ranked by export value in 2024:

1.TECNOLOGICA DE ALIMENTOS S.A. – $85.36 million (29.33%)

2.HUGO SPECHAR GONZALES – $82.08 million (28.2%)

3.INDUSTRIAS DEL ESPINO S.A. – $27.73 million (9.53%)

4.INDUSTRIAS OLEAGINOSAS S.A. – $12.08 million (4.15%)

5.CARGILL BOLIVIA S. – $10.59 million (3.64%)

6.TRACE PERU S.A.C. – $8.6 million (2.96%)

7.INOLSA SRL – $6.72 million (2.31%)

8.PROCESADORA DE OLEAGINOSAS PROLEGA S. – $6.23 million (2.14%)

9.PT ECOOILS JAYA INDONESIA – $4.99 million (1.72%)

10.SESAJAL – $4.65 million (1.6%)

These companies play a key role in global refined oil exports, supplying fuel and petroleum products to various international markets.

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Final Thoughts

Global refined oil exports saw notable fluctuations in 2023, with Asia, Europe, and North America being the dominant suppliers. While some countries experienced growth, others saw a decline due to shifts in demand, geopolitical factors, and supply chain disruptions.

As the oil market continues to evolve, tracking export trends and key players is crucial for businesses looking to navigate the global energy trade effectively. 

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