Oil, often known as petroleum, is one of the most profitable commodities in the world today. It is a fundamental and crucial resource, used to make gasoline, diesel fuel, jet fuel, and various other products. Oil remains the most critical commodity, influencing the economic status of nations worldwide. As we approach 2024, it's time to delve into the most recent data and reveal the top 10 oil exporting countries to India, exploring their production, exports, and HS codes.
Oil Export Market: A Brief Overview
As we approach 2024, the oil export industry faces a complex and evolving landscape. While oil remains crucial for transportation and industry, the traditional dynamics of supply and demand are shifting due to several factors, including:
Rising energy efficiency
Shifting consumer preferences
Economic headwinds
Despite the global slowdown in oil demand growth, the United States has emerged as a significant player in oil production and exports, largely due to advances in shale oil extraction technology. This shift has implications for global oil trade flows and OPEC's historic dominance.
Oil Export Data: 2023-24
The oil export market in 2023 differs significantly from 2022, with price volatility and the growing influence of alternative energy sources. Global oil demand growth slowed to just 0.7%, influenced by economic headwinds, energy efficiency improvements, and increased electric vehicle adoption.
In 2022-23, Oil exporting countries 2023 increased by 0.8% compared to the previous year. Brent crude oil prices averaged over $80 per barrel, driven by the Russia-Ukraine conflict. The top oil exporting countries to India in 2022-23, along with their changes from 2021, are:
Country | 2022-23 (million bpd) | Change from 2021 (million bpd) |
Saudi Arabia | 7.6 | +0.1 |
Russia | 5.2 | -0.3 |
United States | 4.2 | +1.4 |
Canada | 4.0 | +0.3 |
Iraq | 4.4 | +0.5 |
US Crude Oil Exports
US crude oil exports reached a record high in 2022, bolstered by releases from the Strategic Petroleum Reserve (SPR) and increased domestic production. Exports grew by 22% from 2021, reaching 3.6 million barrels per day (bpd), with Europe as a significant market.
Russia's Contribution to Indian Oil Imports
Russia's share in India's total oil imports rose to nearly two-fifths in the first half of fiscal 2023/24, solidifying its position as the primary supplier as India reduced purchases from the Middle East. India imported an average of 1.76 million bpd of Russian oil from April to September 2023/24, up from 780,000 bpd the previous year.
Top 10 Oil Exporting Countries in 2023
Top 10 oil exporting countries are as follow:
United States: Leading with an estimated 11,567,000 barrels per day, the US has become a major oil exporter, driven by the shale revolution.
Saudi Arabia: A consistent leader with massive reserves and advanced extraction technologies.
Russia: Despite geopolitical challenges, Russia remains a top oil exporter.
Iraq: Increasing exports despite political instability, with over 4 million bpd.
Canada: Major contributions from oil sands production, exporting around 3.5 million bpd.
United Arab Emirates: Significant exports as a key OPEC member.
Brazil: Rising production from deep-sea drilling.
Kuwait: Strategic Gulf location, efficient extraction technologies.
Nigeria: Major African oil exporter with significant contributions to global markets.
Angola: Important player in transatlantic trade with considerable offshore oil deposits.
Future Demand for Oil
The oil export market is at a crossroads, with renewable energy sources and increased energy efficiency expected to reduce oil's dominance. The International Energy Agency predicts a global peak in demand for oil, gas, and coal by 2030. However, oil will remain crucial in the global energy mix for the foreseeable future.
Finding Global Oil Importers
For comprehensive global trade statistics, including oil import data, Eximpedia.app offers reliable and up-to-date data from over 100 countries. The platform provides detailed insights into import export data with importer name, oil imports, exports, and HS codes.
In conclusion, the top 10 oil exporting countries for 2024 continue to play a critical role in meeting global energy needs. From the Middle East to North America, these countries have a significant influence on the global economy. For more detailed and updated exim data, consider using Eximpedia.app.
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