This versatile substance is one of the most highly traded global commodities across the globe mainly because of its wide range of beneficial applications in the industrial sectors. Its highly stable nature and its low viscosity make mineral oil an ideal applicant for aiding the movement of machinery and mechanical appliances. The rapidly increasing demand for mineral oil in the global trade sectors has accounted for an annual global import trade value of 1 trillion US dollars in 2023 followed by an import trade value of 920 billion US dollars and 824 billion US dollars in 2022 and 2021. The top traders like China, India, the United States, Japan, and South Korea have promoted the trade of mineral fuel with an import trade value of 500 billion US dollars, 200 billion US dollars, 100 billion US dollars, 70 billion US dollars, and 60 billion US dollars.

Similar to the import trade rate of mineral oil the export business of the globally sought commodity is also increasing at a rapid rate. The global export trade value of mineral oil in 2023 has recorded a value of 1.6 trillion US dollars in 2023 accompanied by the previous year’s value of 1 trillion and 800 billion US dollars in 2022 and 2021. The top traders like Saudi Arabia, Russia, Iraq, Canada, and Kuwait have emulsified the export trade rate of the mineral fuels with an export trade value of 700 billion US dollars, 500 billion US dollars, 450 billion US dollars, 300 billion US dollars and 200 billion US dollars in 2023.

Top Importers of Mineral Fuels

The rapidly increasing demand for this globally thriving product has influenced many countries to import it in a wide amount for the domestic necessities of their industrial sectors. As per the Global Mineral Fuels Import Data, the top traders of mineral fuels in 2023 are discussed below,

• China – According to the China Import Data, the import value of mineral oil in 2023 is 500 billion US dollars.

• India – According to the India Import Data, the import value of mineral oil in 2023 is 200 billion US dollars.

• United States – According to the USA Import Data, the import value of mineral oil in 2023 is 100 billion US dollars.

• Japan – According to the Japan Import Data, the import value of mineral oil in 2023 is 70 billion US dollars.

• South Korea – According to the South Korea Import Data, the import value of mineral oil in 2023 is 60 billion US dollars.

• Germany – According to the Germany Import Data, the import value of mineral oil in 2023 is 50 billion US dollars.

• Saudi Arabia – According to the Saudi Arabia Import Data, the import value of mineral oil in 2023 is 40 billion US dollars.

• Kazakhstan – According to the Kazakhstan Import Data, the import value of mineral oil in 2023 is 30 billion US dollars.

• Italy – According to the Italy Import Data, the import value of mineral oil in 2023 is 20 billion US dollars.

• Spain – According to the Spain Import Data, the import value of mineral oil in 2023 is 10 billion US dollars.

Top Exporters of Mineral Fuels

The increased demands for the mineral fuels across the globe have increased the production rates of it different industries. As per the Global Mineral Fuels Export Data, the top exporters are discussed below with their trade values for 2023,

• Saudi Arabia – As per the Saudi Arabia Export Data, the export trade value of mineral oil in 2023 is 700 billion US dollars.

• Russia – As per the Russia Export Data, the export trade value of mineral oil in 2023 is 500 billion US dollars.

• Iraq – As per the Iraq Export Data, the export trade value of mineral oil in 2023 is 450 billion US dollars.

• Canada – As per the Canada Export Data, the export trade value of mineral oil in 2023 is 300 billion US dollars.

• Kuwait – As per the Kuwait Export Data, the export trade value of mineral oil in 2023 is 200 billion US dollars.

• United States – As per the USA Export Data, the export trade value of mineral oil in 2023 is 100 billion US dollars.

• United Arab Emirates – As per the United Arab Emirates Export Data, the export trade value of mineral oil in 2023 is 80 billion US dollars.

• Iran – As per the Iran Export Data, the export trade value of mineral oil in 2023 is 70 billion US dollars.

• Norway – As per the Norway Export Data, the export trade value of mineral oil in 2023 is 60 billion US dollars.

• Kazakhstan – As per the Kazakhstan Export Data, the export trade value of mineral oil in 2023 is 50 billion US dollars.

Top Leading Producer of Mineral Oil 2023

The Global Mineral Fuels Customs Shipment Data enlists the below-mentioned companies as the top producers of minerals fuels in 2023; the trade value of the top importers are discussed below,

• Exxon Mobil Corporation – The trade value of mineral oils from Exxon Mobil corporation is 355 billion US dollars.

• Royal Dutch Shell PLC – The trade value of mineral oils from Exxon Mobil corporation is 144 billion US dollars.

• BP PLC – The trade value of mineral oils from Exxon Mobil corporation is 111 billion US dollars.

• Chevron Corporation – The trade value of mineral oils from Exxon Mobil corporation is 98 billion US dollars.

• Total SA – The trade value of mineral oils from Exxon Mobil corporation is 85 billion US dollars.

• China National Petroleum Corporation – The trade value of mineral oils from Exxon Mobil corporation is 72 billion US dollars.

• Gazprom PJSC – The trade value of mineral oils from Exxon Mobil corporation is 63 billion US dollars.

• National Iranian Oil Company – The trade value of mineral oils from Exxon Mobil corporation is 60 billion US dollars.

• Petrobras – The trade value of mineral oils from Exxon Mobil corporation is 56 billion US dollars.

• Lukoil – The trade value of mineral oils from Exxon Mobil corporation is 48 billion US dollars.

FAQ’s

Que. What is the import trade value of mineral oils in 2023?
Ans. The import trade value of mineral oils in 2023 is 1 trillion US Dollars.

Que. Who is the top producer of mineral oil in 2023?
Ans. The top producer of mineral oil in 2023 is Exxon Mobil Corporation.

Que. Where can you get a detailed trade analysis of mineral fuels global trade?
Ans. At Import Globals, you can get a detailed trade analysis of mineral fuels import and export trade in 2023.

www.importglobals.com ; info@importglobals.com