The overall value of exported refined petroleum oils increased by an average 35.9% for all exporting countries since 2019 when refined oil shipments were valued at $717.6 billion.
Year over year, the value of global refined oil exports fell by -13.6% compared to $1.128 trillion starting from 2022.
The 5 biggest exporters of processed petroleum oils in 2023 were suppliers in the United States of America, India, Netherlands, Singapore and South Korea. Collectively, that powerful cohort of processed fuel exporters accounted for almost two-fifths (38.7%) of all globally exported refined petroleum oils by value.
Among continents, shippers in Asia delivered the highest dollar worth of refined oil exports during 2023 with shipments valued at $471.6 billion or 48.5% of the global total. In second place were European exporters at 33.3% while another 13.6% of refined oil shipments originated from North America.
Smaller percentages came from sellers in Latin America (2.2%) excluding Mexico but including the Caribbean, Africa (2.1%), then Oceania (0.4%) led by Australia, Fiji and Papua New Guinea.
For research purposes, the 4-digit Harmonized Tariff System code prefix is 2710 for refined petroleum oils. That category excludes crude oil.
Refined Oil Exports by Country
Below are the 15 countries that exported the highest dollar value worth of refined oil during 2023.
- United States: US$112.9 billion (11.6% of refined oil exports)
- India: $85 billion (8.7%)
- Netherlands: $72 billion (7.4%)
- Singapore: $57 billion (5.8%)
- South Korea: $50.9 billion (5.2%)
- United Arab Emirates: $50.3 billion (5.2%)
- Russia: $49.4 billion (5.1%)
- mainland China: $48.4 billion (5%)
- Belgium: $45.2 billion (4.6%)
- Saudi Arabia: $36.7 billion (3.8%)
- Malaysia: $29.4 billion (3%)
- Kuwait: $23.5 billion (2.4%)
- Germany: $20.2 billion (2.1%)
- Italy: $20 billion (2%)
- Spain: $18.4 billion (1.9%)
By value, the listed 15 countries shipped nearly three-quarters (73.7%) of global refined oil exported in 2023.
Among the top exporters, growth exporters of refined oil since 2022 were: Saudi Arabia (up 2,367,472%), Kuwait (up 5.1%) and mainland China (up 0.2%).
Those countries that posted declines in their exported refined oil sales were led by: United Arab Emirates (down -38.1% from 2022), Russia (down -33.6%), Spain (down -23%), Italy (down -21.6%) and Germany (down -20.6%).
Searchable List of Refined Oil Exporting Countries in 2023
The 100 key oil shippers in the automated database below were responsible for 99.5% of the overall value of exported refined petroleum oils during 2023.
| Rank | Exporter | Refined Oil Exports | 2022-3 |
|---|---|---|---|
| 1. | United States | $112,880,226,000 | -16.6% |
| 2. | India | $84,965,587,000 | -10% |
| 3. | Netherlands | $72,002,509,000 | -11.4% |
| 4. | Singapore | $56,952,655,000 | -10.3% |
| 5. | South Korea | $50,890,325,000 | -17.3% |
| 6. | United Arab Emirates | $50,285,945,000 | -38.1% |
| 7. | Russia | $49,435,015,000 | -33.6% |
| 8. | mainland China | $48,395,083,000 | +0.2% |
| 9. | Belgium | $45,179,358,000 | -8.2% |
| 10. | Saudi Arabia | $36,721,048,000 | +2367472% |
| 11. | Malaysia | $29,388,838,000 | -14.9% |
| 12. | Kuwait | $23,504,552,000 | +5.1% |
| 13. | Germany | $20,153,906,000 | -20.6% |
| 14. | Italy | $19,982,236,000 | -21.6% |
| 15. | Spain | $18,434,740,000 | -23% |
| 16. | Greece | $14,600,409,000 | -15.4% |
| 17. | Canada | $14,447,760,000 | -15.1% |
| 18. | Qatar | $14,037,304,000 | +37.8% |
| 19. | United Kingdom | $13,812,527,000 | -26.6% |
| 20. | Türkiye | $13,767,352,000 | +5.4% |
| 21. | Taiwan | $12,648,958,000 | -24.4% |
| 22. | Brazil | $11,254,337,000 | -13.7% |
| 23. | Sweden | $10,510,660,000 | -18.6% |
| 24. | Japan | $10,308,618,000 | -30.2% |
| 25. | France | $10,299,984,000 | -5.7% |
| 26. | Thailand | $8,823,845,000 | -0.4% |
| 27. | Oman | $8,664,275,000 | +9.3% |
| 28. | Algeria | $8,196,685,000 | -13.4% |
| 29. | Iraq | $6,527,189,000 | -32.8% |
| 30. | Norway | $6,510,061,000 | -13.4% |
| 31. | Finland | $6,353,946,000 | -9.3% |
| 32. | Lithuania | $5,100,707,000 | -5.7% |
| 33. | Portugal | $4,517,797,000 | -20.4% |
| 34. | Mexico | $4,508,649,000 | -20.3% |
| 35. | Indonesia | $4,442,114,000 | +44.8% |
| 36. | Brunei Darussalam | $3,943,454,000 | -23.6% |
| 37. | South Africa | $2,950,752,000 | +4.3% |
| 38. | Colombia | $2,930,919,000 | +10.9% |
| 39. | Poland | $2,835,326,000 | -7.4% |
| 40. | Turkmenistan | $2,720,612,000 | +96.1% |
| 41. | Australia | $2,697,635,000 | -8.8% |
| 42. | Bulgaria | $2,672,084,000 | -32.6% |
| 43. | Romania | $2,623,582,000 | -28.3% |
| 44. | Denmark | $2,384,665,000 | -6.4% |
| 45. | Peru | $2,378,990,000 | -3.7% |
| 46. | Slovenia | $2,189,062,000 | -16.8% |
| 47. | Ivory Coast | $2,025,663,000 | 0% |
| 48. | Hungary | $1,853,101,000 | +45.6% |
| 49. | Egypt | $1,836,597,000 | -64.1% |
| 50. | Slovakia | $1,833,021,000 | -31.5% |
| 51. | Austria | $1,814,080,000 | +17.7% |
| 52. | Cyprus | $1,675,563,000 | +88% |
| 53. | Czech Republic | $1,638,154,000 | -4.9% |
| 54. | Croatia | $1,222,362,000 | -23% |
| 55. | Ecuador | $1,123,988,000 | -34.3% |
| 56. | Senegal | $1,101,803,000 | +8.1% |
| 57. | Kazakhstan | $1,088,233,000 | -27.5% |
| 58. | Chile | $999,815,000 | +44.4% |
| 59. | Vietnam | $918,296,000 | -34.1% |
| 60. | Switzerland | $871,170,000 | -8.1% |
| 61. | Libya | $840,260,000 | -7.4% |
| 62. | Hong Kong | $767,552,000 | +1.8% |
| 63. | Ireland | $662,834,000 | -48.4% |
| 64. | Argentina | $611,023,000 | +11% |
| 65. | Azerbaijan | $572,210,000 | +8.5% |
| 66. | Morocco | $476,324,000 | +28% |
| 67. | Estonia | $456,984,000 | -61.5% |
| 68. | Serbia | $453,709,000 | -22.4% |
| 69. | Trinidad /Tobago | $443,055,000 | -53.3% |
| 70. | Jamaica | $436,057,000 | -39.1% |
| 71. | Tunisia | $426,787,000 | -30.5% |
| 72. | Moldova | $397,716,000 | -28.9% |
| 73. | Sri Lanka | $380,232,000 | +46.7% |
| 74. | Kenya | $358,405,000 | -15.6% |
| 75. | Latvia | $286,710,000 | -38.3% |
| 76. | Namibia | $284,322,000 | -30.8% |
| 77. | Fiji | $278,510,000 | +12.9% |
| 78. | Angola | $266,513,000 | -44.4% |
| 79. | Gabon | $263,825,000 | -24.5% |
| 80. | Papua New Guinea | $226,591,000 | -48.7% |
| 81. | Iran | $196,617,000 | -98.4% |
| 82. | Seychelles | $194,034,000 | -1% |
| 83. | Congo | $185,606,000 | -83.3% |
| 84. | US Minor Outlying Is | $185,095,000 | +59.3% |
| 85. | Togo | $184,466,000 | +96.6% |
| 86. | Bonaire/St Eustatius/Saba | $183,059,000 | 0% |
| 87. | Malta | $182,419,000 | +14.7% |
| 88. | Marshall Islands | $176,892,000 | +61.7% |
| 89. | Bahamas | $172,600,000 | +7.2% |
| 90. | Democratic Rep. Congo | $172,433,000 | +41152% |
| 91. | Iceland | $166,531,000 | -2.5% |
| 92. | El Salvador | $153,542,000 | +1.3% |
| 93. | Barbados | $150,187,000 | -14.5% |
| 94. | Uganda | $138,428,000 | +25% |
| 95. | Nigeria | $114,649,000 | +222.2% |
| 96. | Pakistan | $112,761,000 | +77.5% |
| 97. | Kyrgyzstan | $112,709,000 | -21.9% |
| 98. | Sudan | $104,868,000 | -46.8% |
| 99. | North Macedonia | $101,797,000 | -33.2% |
| 100. | Myanmar | $91,261,000 | +167.5% |
Focusing on the top 100 exporters of refined oil, the fastest growers from 2022 to 2023 were Saudi Arabia (up 2,367,472%), Democratic Republic of the Congo (41,152%), NIgeria (up 222.2%), Myanmar also called Burma (up 167.5%), then Togo (up 96.6%).
You can change the presentation order by clicking the triangle icon at the top of any of the columns. An entry of 0% in the right-most column means that 2023 data was unavailable.
Countries Generating Largest Trade Surpluses from Refined Oil
The following countries posted the highest positive net exports for refined petroleum oils during 2023. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the surplus between the value of each country’s refined oil exports and its import purchases for that same commodity.
- India: US$73.4 billion (net export surplus down -7.8% since 2022)
- Russia: $48.5 billion (down -33.7%)
- United States of America: $43.9 billion (down -17.4%)
- United Arab Emirates: $41 billion (down -37.1%)
- Netherlands: $39.7 billion (down -6.1%)
- Saudi Arabia: $33.8 billion (reversing a -$13.6 billion deficit)
- South Korea: $28 billion (down -20.6%)
- Kuwait: $23.4 billion (up 5.6%)
- mainland China: $20.6 billion (down -28.1%)
- Belgium: $13.9 billion (down -4.4%)
- Qatar: $13.8 billion (up 37.3%)
- Greece: $10.2 billion (down -2.7%)
- Italy: $8.5 billion (down -27.6%)
- Algeria: $8.1 billion (down -13.4%)
- Spain: $6.9 billion (down -43.2%)
India and the Russian Federation generated the highest surpluses in the international trade of refined oil. In turn, their positive cashflows confirm both countries’ competitive advantages for this specific product category.
Countries Causing Worst Trade Deficits from Refined Oil
The following countries posted the highest negative net exports for refined petroleum oils during 2023. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the deficit between the value of each country’s refined oil import purchases and its exports for that same commodity.
- Australia: -US$31.9 billion (net export deficit down -7.8% since 2022)
- Mexico: -$26.3 billion (down -27.2%)
- Nigeria: -$19.8 billion (down -15.7%)
- France: -$18.6 billion (down -29.1%)
- Indonesia: -$15.8 billion (down -22.1%)
- United Kingdom: -$13.5 billion (up 20.8%)
- South Africa: -$12.2 billion (down -22.8%)
- Germany: -$12.1 billion (up 32.5%)
- Philippines: -$11.2 billion (down -22.1%)
- Hong Kong: -$9.63 billion (up 9.5%)
- Democratic Republic Congo: -$8.92 billion (down -21.8%)
- Vietnam: -$8.2 billion (down -1.7%)
- Ukraine: -$7.8 billion (down -9.3%)
- Japan: -$7.5 billion (up 38.5%)
- Bangladesh: -$7.4 billion (down -34.8%)
Australia and Mexico incurred the highest deficits in the international trade of processed petroleum oils. In turn, this negative cashflow highlights those countries’ competitive disadvantages for this specific product category but also signals opportunities for refined oil-supplying countries that help satisfy the powerful demand among consumers and businesses.
Refined Oil Exporting Companies
According to Forbes Global 2000 rankings, the following oil and gas companies are among the top 40 largest companies in the world.
- Exxon Mobile (United States)
- PetroChina (China)
- Royal Dutch Shell (Netherlands)
- BP (United Kingdom)
- Chevron (United States)
- Gazprom (Russia)
- Total (France)
- Sinopec-China Petroleum (China)
- Petrobras (Brazil)
- Rosneft (Russia)
The above corporations are presented in the same order as they appeared in the Forbes listing.
See also US Crude Oil Imports by Supplier Countries, Russia’s Top Trading Partners, Crude Oil Exports by Country and Crude Oil Imports by Country
Research Sources:
Central Intelligence Agency, The World Factbook Field Listing: Exports – Commodities. Accessed on September 1, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 1, 2024
International Trade Centre, Trade Map. Accessed on September 1, 2024
Investopedia, Net Exports Definition. Accessed on September 1, 2024
Wikipedia, Big Oil. Accessed on June 1, 2023