Mineral Oil Import Export Data: Trends, Insights & Global Trade

Mineral oil has been one of the most traded commodities across the globe, driving industries like energy, manufacturing, and chemicals. With the rising demand for petroleum-based products, monitoring import export data for mineral oil has become essential for businesses, traders, and governments. A reliable global import export data provider helps companies analyze trade flows, identify top buyers and suppliers, and navigate challenges in the global energy market.

Mineral Oil Export

According to the latest import export trade data, global mineral oil exports in 2023–24 witnessed strong growth despite market volatility. The total export value of mineral oils and related petroleum products crossed USD 1.6 trillion worldwide. India, Saudi Arabia, Russia, and the United States remained major exporters, while emerging markets in Asia and Africa saw increased imports to meet industrial and domestic consumption demands.

High global oil prices and supply chain challenges shaped the mineral oil trade in 2023–24, yet countries with strong refining and export capacity recorded stable export volumes.

High global oil prices and supply chain disruptions significantly shaped the mineral oil trade during 2023–24. Yet, countries with robust refining capacity and efficient export infrastructure managed to maintain stable export volumes. This demonstrates how Mineral Oil Import Export Data is a vital resource for businesses and policymakers to track market resilience and anticipate future trade shifts.

Top Mineral Oil Products Exported

Mineral oil is not just crude oil—it includes multiple categories under the HSN codes (Chapter 27). The most traded products include:

1. Crude petroleum oils (HSN 2709)
2. Petroleum gases and other gaseous hydrocarbons (HSN 2711)
3. Petroleum oils, refined (HSN 2710)
4. Lubricating oils and greases (HSN 2710.19)
5. Bituminous oils and residues (HSN 2713)

These products dominate global trade, and accurate import export data helps businesses track price fluctuations, customs duties, and new opportunities in specific product categories.

Top 5 Exporting Countries

Based on import export trade data, the leading mineral oil exporting countries are:

1. Saudi Arabia – Largest exporter of crude oil.
2. Russia – Despite sanctions, continues to export to Asia and Middle East.
3. United States – Major exporter of crude and refined petroleum.
4. Iraq – Strong presence in Asian and European markets.
5. India – A leading exporter of refined petroleum products.

Top 5 Importing Countries

The top importers of mineral oils are countries with large industrial sectors and limited domestic reserves:

1. China – World’s largest importer of crude oil.
2. India – Significant importer of crude for refining industries.
3. Japan – High dependency on imported energy.
4. South Korea – Imports for both industrial and export purposes.
5. Germany – Europe’s largest oil-importing country.

Top Buyers and Suppliers of Mineral Oil

A study of global import export data highlights the top buyers and suppliers in the sector:

• Top Buyers: Sinopec (China), Indian Oil Corporation (India), ExxonMobil (USA), SK Energy (South Korea), and ENEOS (Japan).
• Top Suppliers: Saudi Aramco (Saudi Arabia), Rosneft (Russia), ADNOC (UAE), Kuwait Petroleum Corporation, and Reliance Industries (India).

These companies account for a significant share of global mineral oil trade and continue to expand their refining and distribution capacity.

Top Export/Import Companies in India

India is a key player in the global mineral oil trade. According to import export data, the following companies dominate exports and imports:

• Reliance Industries Limited – Largest private exporter of refined petroleum.
• Indian Oil Corporation (IOC) – Leading importer of crude oil and supplier of petroleum products.
• Bharat Petroleum Corporation Limited (BPCL) – Major importer of crude and exporter of refined fuels.
• Hindustan Petroleum Corporation Limited (HPCL) – Key player in import and domestic refining.
• Essar Oil (Nayara Energy) – Important private sector importer and exporter.

These companies handle billions of dollars in trade annually and play a critical role in India’s energy security.

HSN Code for Mineral Oils

The Harmonized System of Nomenclature (HSN) Codes for mineral oils fall under Chapter 27 of the Customs Tariff. Some key codes include:

• 2709 – Petroleum oils, crude.
• 2710 – Petroleum oils and oils obtained from bituminous minerals, other than crude.
• 2711 – Petroleum gases and other gaseous hydrocarbons.
• 2712 – Petroleum jelly, paraffin wax, and mineral wax.
• 2713 – Petroleum coke, bitumen, and other residues.

Businesses must track these codes in import export trade data for compliance, taxation, and smooth cross-border operations.

Global Trade Issues Affecting Mineral Oil

The mineral oil trade is heavily influenced by geopolitical, economic, and environmental issues. Key challenges include:

• Geopolitical Conflicts: Sanctions on Russia and tensions in the Middle East impact supply.
• OPEC+ Decisions: Production cuts or increases directly affect global prices.
• Environmental Regulations: Push for renewable energy impacts long-term demand.
• Logistics & Supply Chains: Port delays and freight costs affect delivery timelines.
• Currency Fluctuations: Exchange rates impact global trade margins.

Accurate import export data helps companies anticipate risks and adjust strategies.

Latest News on Mineral Oil Trade

• In 2024, India’s crude oil import bill surged due to high international prices, impacting trade balance.
• OPEC+ announced production cuts to stabilize prices, creating opportunities for alternative suppliers.
• Russia increased exports to Asia, especially China and India, despite Western sanctions.
• Refineries in India expanded capacity, positioning the country as a global hub for refined product exports.
• The global energy transition toward renewable energy continues to challenge long-term growth for mineral oil.

Conclusion

The global mineral oil market continues to be dynamic and complex. By leveraging insights from a global import export data provider, businesses can monitor trade flows, identify top buyers and suppliers, and mitigate risks in volatile markets. With the right import export data, companies can strengthen their trade strategies, explore new markets, and stay competitive in the energy sector.

As the industry evolves with new challenges and opportunities, access to reliable import export trade data provider platforms will remain the key to making informed decisions in mineral oil trade.