Overall, the value of exported refined petroleum oils increased by an average 9.2% for all exporting countries since 2015 when refined oil shipments were valued at $621.8 billion. Year over year, the value of global refined oil exports fell by -12.9% from 2018 to 2019.
Among continents, Asia sold the highest dollar worth of refined oil exports during 2019 with shipments valued at $274.3 billion or 40.4% of the global total. In second place were European exporters at 39.7% while 14.9% of worldwide refined oil shipments originated from North America.
Smaller percentages came from Africa (2.5%), Latin America (2.1%) excluding Mexico but including the Caribbean, then Oceania (0.3%) led by Australia 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
Countries
Below are the 15 countries that exported the highest dollar value worth of refined oil during 2019.
- United States: US$87.5 billion (12.9% of refined oil exports)
- Russia: $66.9 billion (9.8%)
- Netherlands: $54.8 billion (8.1%)
- Singapore: $45.9 billion (6.8%)
- India: $42.2 billion (6.2%)
- South Korea: $39.2 billion (5.8%)
- China: $38.3 billion (5.6%)
- Belgium: $27.8 billion (4.1%)
- United Arab Emirates: $24.2 billion (3.6%)
- Spain: $15.8 billion (2.3%)
- Malaysia: $14.9 billion (2.2%)
- Italy: $14.1 billion (2.1%)
- Germany: $12.6 billion (1.9%)
- Taiwan: $12.24 billion (1.8%)
- Canada: $12.16 billion (1.8%)
By value, the listed 15 countries shipped 74.9% of global refined oil exported in 2019.
Among the top exporters, the fastest-growing refined oil exporters since 2015 were: China (up 100.8%), Spain (up 64.1%), India (up 40.9%) and Malaysia (up 39.8%).
Those countries that posted the mildest increases in their exported refined oil sales over the latest 5-year period were: Germany (up 1.5%), Russia (up 1.9%), United Arab Emirates (up 4.1%), Canada (up 6.2%) and Italy (up 8.6%).
Advantages
The following countries posted the highest positive net exports for refined petroleum oils during 2019. 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.
- Russia: US$66 billion (net export surplus up 2.2% since 2015)
- India: $35.8 billion (up 38%)
- Netherlands: $25.6 billion (up 80.2%)
- United States: $25.6 billion (up 17.6%)
- South Korea: $22 billion (up 41.2%)
- China: $21.3 billion (up 350.1%)
- United Arab Emirates: $15.5 billion (down -29.8%)
- Qatar: $8.2 billion (up 150.7%)
- Belgium: $7.7 billion (up 15.6%)
- Spain: $7.6 billion (up 177.5%)
- Greece: $7.1 billion (up 43.9%)
- Italy: $5.6 billion (down -6.8%)
- Taiwan: $5.4 billion (up 142.8%)
- Algeria: $4.7 billion (up 10.8%)
- Kuwait: $4.3 billion (down -66.2%)
The Russian Federation generated the highest surplus in the international trade of refined oil. In turn, this positive cashflow confirms Russia’s strong competitive advantage for this specific product category.
Opportunities
The following countries posted the highest negative net exports for refined petroleum oils during 2019. 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.
- Mexico: -US$27.5 billion (net export deficit up 70.9% since 2015)
- Australia: -$15.8 billion (up 25.8%)
- France: -$15.5 billion (up 38.2%)
- Germany: -$11.6 billion (up 45.3%)
- Hong Kong: -$10.7 billion (up 26.7%)
- Indonesia: -$9.2 billion (down -31.5%)
- United Kingdom: -$7.8 billion (up 17.2%)
- Brazil: -$7.2 billion (up 3.7%)
- Philippines: -$7.1 billion (up 135.6%)
- Vietnam: -$6.98 billion (up 33.3%)
- Nigeria: -$6.95 billion (up 29.6%)
- Gibraltar: -$6 billion (down -13.1%)
- Panama: -$5.1 billion (up 232.2%)
- Morocco: -$5 billion (up 64.7%)
- Togo: -$4.5 billion (up 2,165%)
Mexico incurred the highest deficit in the international trade of processed petroleum oils. In turn, this negative cashflow highlights Mexico ‘s strong competitive disadvantage for this specific product category but also signals opportunities for refined oil-supplying countries that help satisfy the powerful demand among consumers and businesses.
Companies
Refined Oil Exporting Companies
According to Forbes Global 2000 rankings, the following oil and gas companies are among the top 40 largest companies in the world.
- Exxon Mobile (United States)
- PetroChina (China)
- Royal Dutch Shell (Netherlands)
- BP (United Kingdom)
- Chevron (United States)
- Gazprom (Russia)
- Total (France)
- Sinopec-China Petroleum (China)
- Petrobras (Brazil)
- Rosneft (Russia)
The above corporations are presented in the same order as they appear in the Forbes listing.
Searchable List of Refined Oil Exporting Countries in 2019
You can change the presentation order by clicking the triangle icon at the top of any of the columns below. An entry of 0% in the right-most column means that 2019 data was unavailable.
| Rank | Exporter | Refined Oil Exports (US$) | 2018-9 |
|---|---|---|---|
| 1. | United States | $87,507,951,000 | -8.8% |
| 2. | Russia | $66,887,411,000 | -14.4% |
| 3. | Netherlands | $54,776,997,000 | +1.7% |
| 4. | Singapore | $45,889,335,000 | -11.9% |
| 5. | India | $42,212,861,000 | -10.5% |
| 6. | South Korea | $39,237,614,000 | -12.7% |
| 7. | China | $38,345,208,000 | +7.3% |
| 8. | Belgium | $27,784,395,000 | -12.5% |
| 9. | United Arab Emirates | $24,173,879,000 | -25.2% |
| 10. | Spain | $15,821,458,000 | -5.7% |
| 11. | Malaysia | $14,925,573,000 | -8.2% |
| 12. | Italy | $14,134,056,000 | -13.5% |
| 13. | Germany | $12,637,480,000 | -9.8% |
| 14. | Taiwan | $12,237,936,000 | -7% |
| 15. | Canada | $12,160,509,000 | -0.1% |
| 16. | United Kingdom | $11,873,115,000 | -12.6% |
| 17. | Greece | $11,040,351,000 | -12.7% |
| 18. | Japan | $10,955,333,000 | +6.7% |
| 19. | Qatar | $8,818,642,000 | +28.1% |
| 20. | France | $8,382,033,000 | -21% |
| 21. | Sweden | $7,937,188,000 | -20.9% |
| 22. | Thailand | $6,544,208,000 | -20.2% |
| 23. | Algeria | $6,510,193,000 | -15.6% |
| 24. | Norway | $6,207,118,000 | -10.1% |
| 25. | Turkey | $6,058,626,000 | +62.6% |
| 26. | Brazil | $5,788,401,000 | +38.4% |
| 27. | Finland | $5,779,741,000 | -2.9% |
| 28. | Kuwait | $4,391,680,000 | -59.8% |
| 29. | Iraq | $3,872,370,000 | +3.6% |
| 30. | Lithuania | $3,782,799,000 | -13.7% |
| 31. | Portugal | $3,489,895,000 | -11.9% |
| 32. | Egypt | $3,151,888,000 | -24.5% |
| 33. | South Africa | $3,024,570,000 | +13.1% |
| 34. | Bahrain | $2,777,031,000 | -59.8% |
| 35. | Denmark | $2,615,827,000 | -9.7% |
| 36. | Bulgaria | $2,515,207,000 | +14.5% |
| 37. | Romania | $2,508,128,000 | -6.6% |
| 38. | Peru | $2,314,093,000 | -21.3% |
| 39. | Colombia | $2,173,883,000 | -26.5% |
| 40. | Indonesia | $2,070,796,000 | +125.1% |
| 41. | Poland | $1,837,536,000 | -27.8% |
| 42. | Oman | $1,824,886,000 | -58.2% |
| 43. | Australia | $1,795,555,000 | -22% |
| 44. | Austria | $1,762,012,000 | -5.4% |
| 45. | Mexico | $1,716,519,000 | -41.2% |
| 46. | Slovakia | $1,643,581,000 | -17.6% |
| 47. | Slovenia | $1,455,164,000 | +3.9% |
| 48. | Israel | $1,375,253,000 | +4.2% |
| 49. | Hungary | $1,322,066,000 | -21.6% |
| 50. | Czech Republic | $1,196,247,000 | -6.8% |
| 51. | Croatia | $1,168,276,000 | -12.3% |
| 52. | Malta | $1,157,687,000 | +3% |
| 53. | Kazakhstan | $1,026,991,000 | -17% |
| 54. | Estonia | $948,440,000 | -33.5% |
| 55. | Ecuador | $946,086,000 | 0% |
| 56. | Libya | $903,949,000 | -16.4% |
| 57. | Panama | $804,332,000 | +5.9% |
| 58. | Senegal | $801,743,000 | +49.9% |
| 59. | Venezuela | $792,172,000 | -76.8% |
| 60. | Belarus | $751,405,000 | -88.4% |
| 61. | Cyprus | $729,489,000 | -29.9% |
| 62. | Switzerland | $699,204,000 | -6.2% |
| 63. | Ireland | $692,613,000 | -8.9% |
| 64. | Argentina | $677,147,000 | -22.5% |
| 65. | Hong Kong | $621,916,000 | -0.5% |
| 66. | Azerbaijan | $462,790,000 | -11.1% |
| 67. | Togo | $462,425,000 | -62.2% |
| 68. | Turkmenistan | $411,770,000 | -53.1% |
| 69. | Ivory Coast | $402,119,000 | -57.2% |
| 70. | Morocco | $384,512,000 | +15.7% |
| 71. | Angola | $383,549,000 | +33.7% |
| 72. | Papua New Guinea | $365,831,000 | +0.2% |
| 73. | Serbia | $309,453,000 | -1.3% |
| 74. | Pakistan | $257,752,000 | +8.6% |
| 75. | Trinidad/Tobago | $256,355,000 | -83.8% |
| 76. | Philippines | $225,321,000 | -50.6% |
| 77. | Vietnam | $218,086,000 | -80.9% |
| 78. | Chile | $204,573,000 | -10.5% |
| 79. | Brunei Darussalam | $197,220,000 | +5,051% |
| 80. | Ghana | $193,361,000 | +403% |
| 81. | Latvia | $171,541,000 | -27.7% |
| 82. | Tanzania | $165,622,000 | +730.9% |
| 83. | El Salvador | $119,737,000 | +5.4% |
| 84. | Jordan | $115,262,000 | +5.5% |
| 85. | Seychelles | $113,470,000 | -31.1% |
| 86. | Cameroon | $112,492,000 | +4.7% |
| 87. | Nigeria | $111,561,000 | -28.7% |
| 88. | Barbados | $108,440,000 | -0.7% |
| 89. | Bahamas | $106,858,000 | +5.2% |
| 90. | North Macedonia | $100,007,000 | +35.4% |
| 91. | Congo | $92,553,000 | -52.7% |
| 92. | Namibia | $88,181,000 | +112.2% |
| 93. | Iceland | $83,241,000 | -26% |
| 94. | Ukraine | $80,702,000 | -67.7% |
| 95. | Kyrgyzstan | $75,651,000 | -10.8% |
| 96. | Iran | $67,535,000 | -99.3% |
| 97. | Mozambique | $66,033,000 | +234.7% |
| 98. | Tunisia | $60,773,000 | -86.3% |
| 99. | Madagascar | $54,309,000 | +6.3% |
| 100. | Gabon | $50,881,000 | -68.6% |
| 101. | Guatemala | $50,680,000 | +21.6% |
| 102. | New Zealand | $48,564,000 | +22.7% |
| 103. | Suriname | $42,570,000 | +15,844% |
| 104. | US Minor Outlying Is | $38,873,000 | -22.9% |
| 105. | Cuba | $37,621,000 | +562.8% |
| 106. | Sri Lanka | $30,159,000 | -32.2% |
| 107. | Guinea | $26,626,000 | +456.2% |
| 108. | Bosnia/Herzegovina | $26,564,000 | -69.1% |
| 109. | Democr. Rep. Congo | $26,546,000 | +291.8% |
| 110. | Benin | $24,933,000 | -2.1% |
| 111. | Curaçao | $23,246,000 | -92.4% |
| 112. | Liberia | $21,637,000 | -44.3% |
| 113. | Niger | $20,590,000 | -90.8% |
| 114. | Jamaica | $20,459,000 | -92.6% |
| 115. | Burkina Faso | $19,900,000 | -26.5% |
| 116. | Albania | $19,862,000 | +6,068% |
| 117. | Bangladesh | $17,806,000 | -28.7% |
| 118. | Myanmar (Burma) | $16,902,000 | -93.6% |
| 119. | Georgia | $16,613,000 | -71.7% |
| 120. | Kenya | $13,066,000 | -96.6% |
| 121. | Uzbekistan | $12,935,000 | -64.5% |
| 122. | Belize | $11,625,000 | -13% |
| 123. | Gibraltar | $11,002,000 | -83.9% |
| 124. | Luxembourg | $5,648,000 | -7.2% |
| 125. | Nicaragua | $5,599,000 | -39.8% |
| 126. | Fiji | $5,140,000 | -97.5% |
| 127. | Faroe Islands | $4,144,000 | +40.2% |
| 128. | Antigua/Barbuda | $4,103,000 | +293.4% |
| 129. | Uruguay | $3,775,000 | -82.6% |
| 130. | Equatorial Guinea | $3,550,000 | +177,400% |
| 131. | Zambia | $3,164,000 | -17.5% |
| 132. | Marshall Islands | $3,085,000 | -87.9% |
| 133. | Botswana | $1,764,000 | +15.1% |
| 134. | Costa Rica | $1,672,000 | -44.8% |
| 135. | South Sudan | $1,583,000 | +158,200% |
| 136. | Free Zones | $1,194,000 | -99.7% |
| 137. | Greenland | $1,057,000 | 0% |
| 138. | Dominican Republic | $936,000 | -93.8% |
| 139. | British Virgin Islands | $695,000 | -99.1% |
| 140. | Andorra | $553,000 | +2,972% |
| 141. | Honduras | $522,000 | -63.9% |
| 142. | Djibouti | $448,000 | +273.3% |
| 143. | Armenia | $322,000 | +10,633% |
| 144. | Mongolia | $282,000 | -97.2% |
| 145. | Tajikistan | $271,000 | +70.4% |
| 146. | Lesotho | $258,000 | +63.3% |
| 147. | Cambodia | $241,000 | +167.8% |
| 148. | Laos | $240,000 | 0% |
| 149. | North Korea | $233,000 | -94.2% |
| 150. | Mauritius | $231,000 | -65.7% |
| 151. | Mali | $214,000 | +98.1% |
| 152. | Lebanon | $195,000 | -99.1% |
| 153. | Mauritania | $168,000 | 0% |
| 154. | Paraguay | $132,000 | 0% |
| 155. | Maldives | $69,000 | +165.4% |
| 156. | Zimbabwe | $67,000 | +4.7% |
| 157. | Gambia | $62,000 | 0% |
| 158. | French Polynesia | $49,000 | -50% |
| 159. | Palau | $49,000 | 0% |
| 160. | French S./Antarctic Terr | $41,000 | +2.5% |
| 161. | Tokelau | $37,000 | 0% |
| 162. | Afghanistan | $35,000 | 0% |
| 163. | New Caledonia | $34,000 | +1,033% |
| 164. | Micronesia | $34,000 | -81.5% |
| 165. | Moldova | $33,000 | -99.8% |
| 166. | Nauru | $30,000 | +500% |
| 167. | Montenegro | $25,000 | -99.9% |
| 168. | Montserrat | $21,000 | 0% |
| 169. | Comoros | $18,000 | -67.9% |
| 170. | St. Pierre/Miquelon | $18,000 | -73.1% |
| 171. | Syria | $13,000 | -92% |
| 172. | Guyana | $13,000 | -98.3% |
| 173. | Macao | $12,000 | 0% |
| 174. | Eswatini | $11,000 | +83.3% |
| 175. | Ethiopia | $8,000 | -80.5% |
| 176. | Aruba | $7,000 | -80.6% |
| 177. | Haiti | $4,000 | -94.9% |
| 178. | Bermuda | $3,000 | -75% |
| 179. | Cabo Verde | $2,000 | 0% |
| 180. | Timor-Leste | $2,000 | 0% |
| 181. | Saint Kitts/Nevis | $1,000 | 0% |
| 182. | Guinea-Bissau | $1,000 | -50% |
| 183. | Niue | $1,000 | 0% |
| 184. | Uganda | $1,000 | -100% |
| 185. | Solomon Islands | $1,000 | 0% |
| 186. | Malawi | $1,000 | -97.8% |
See also Russia’s Top Trading Partners, Crude Oil Exports by Country and Largest Oil and Gas Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook Field Listing: Exports – Commodities. Accessed on May 14, 2020
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 14, 2020
International Trade Centre, Trade Map. Accessed on May 14, 2020
Investopedia, Net Exports Definition. Accessed on May 14, 2020
Wikipedia, Big Oil. Accessed on June 1, 2019