The overall value of exported refined petroleum oils accelerated by an average 87.5% for all exporting countries since 2020 when refined oil shipments were valued at $478.6 billion.
Year over year, the value of global refined oil exports fell by -9.3% compared to $989.3 billion starting from 2023.
The 5 biggest exporters of processed petroleum oils in 2024 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 (39.3%) of all globally exported refined petroleum oils by value.
Among continents, shippers in Asia delivered the highest dollar worth of refined oil exports during 2024 with shipments valued at $411.5 billion or 46% of the global total. In second place were exporters based in Europe at 32.7% while another 15.4% of refined oil shipments originated from North America.
Smaller percentages came from sellers in Africa (3%), Latin America (2.3%) excluding Mexico but including the Caribbean, 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 25 countries that exported the highest dollar value worth of refined oil during 2024.
- United States: US$117.5 billion (13.1% of refined oil exports)
- India: $70.2 billion (7.8%)
- Netherlands: $60.8 billion (6.8%)
- Singapore: $54.6 billion (6.1%)
- South Korea: $49.5 billion (5.5%)
- Russia: $46.8 billion (5.2%)
- United Arab Emirates: $44.3 billion (4.9%)
- Belgium: $42.5 billion (4.7%)
- mainland China: $42.4 billion (4.7%)
- Kuwait: $29.8 billion (3.3%)
- Malaysia: $25.7 billion (2.9%)
- Germany: $21.6 billion (2.4%)
- Italy: $16.7 billion (1.9%)
- Canada: $15 billion (1.7%)
- Spain: $14.7 billion (1.6%)
- Türkiye: $14 billion (1.6%)
- Greece: $13.8 billion (1.5%)
- Oman: $12.6 billion (1.4%)
- Taiwan: $12.3 billion (1.4%)
- Qatar: $12 billion (1.3%)
- Brazil: $11.7 billion (1.3%)
- United Kingdom: $10.9 billion (1.2%)
- France: $10.2 billion (1.1%)
- Sweden: $9.3 billion (1%)
- Algeria: $8.8 billion (1%)
By value, the listed 25 countries shipped well over four-fifths (85.6%) of global refined oil exported in 2024.
Among the top exporters, the fastest-growing refined oil exporters since 2023 were: Oman (up 50.7%), Qatar (up 40.6%), Kuwait (up 18.5%) and Algeria (up 6.8%).
Those countries that posted declines in their exported refined oil sales were led by: United Arab Emirates (down -47.1% from 2023), United Kingdom (down -21.3%), Spain (down -20%), India (down -17.4%) and Italy (down -16.4%).
Countries Generating Largest Trade Surpluses from Refined Oil
The following countries posted the highest positive net exports for refined petroleum oils during 2024. 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$61.7 billion (net export surplus down -15.9% since 2023)
- United States: $58.8 billion (up 34.1%)
- Russia: $46 billion (down -11.9%)
- United Arab Emirates: $33.3 billion (down -50.2%)
- Kuwait: $29.7 billion (up 18.6%)
- Netherlands: $29.1 billion (down -27.3%)
- South Korea: $24.7 billion (down -11.6%)
- China: $13.1 billion (down -36.6%)
- Belgium: $11.7 billion (down -15.5%)
- Qatar: $11.7 billion (up 39.2%)
- Oman: $10.2 billion (up 695.2%)
- Greece: $10.2 billion (up 0.1%)
- Algeria: $8.6 billion (up 6.4%)
- Iraq: $8 billion (up 77.7%)
- Italy: $5.5 billion (down -35.6%)
India, United States of America and the Russian Federation generated the highest surpluses in the international trade of refined oil. In turn, their positive cashflows confirm those 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 2024. 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$28.3 billion (net export deficit down -11.3% since 2023)
- Indonesia: -$17.8 billion (up 12.6%)
- France: -$17 billion (down -7.4%)
- United Kingdom: -$15.9 billion (up 18.3%)
- Mexico: -$14.1 billion (down -46.5%)
- Saudi Arabia: -$12.7 billion (down -14.2%)
- Philippines: -$10.9 billion (down -2.9%)
- Japan: -$10.4 billion (up 38.9%)
- Hong Kong: -$10.1 billion (up 4.6%)
- South Africa: -$9.28 billion (down -24.2%)
- Vietnam: -$82 billion (up 0.4%)
- Gibraltar: -$7.1 billion (up 3.2%)
- Türkiye: -$6.9 billion (up 3%)
- Ukraine: -$6.8 billion (down -12.9%)
- New Zealand: -$6.1 billion (down -13.4%)
Australia incurred the highest deficit in the international trade of processed petroleum oils. In turn, this negative cashflow highlights that country’s competitive disadvantages for this specific product category but also signals opportunities for refined oil-supplying competitors to 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 July 21, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on July 21, 2025
International Trade Centre, Trade Map. Accessed on July 21, 2025
Investopedia, Net Exports Definition. Accessed on July 21, 2025
Wikipedia, Big Oil. Accessed on June 1, 2024