The overall value of exported refined petroleum oils increased by an average 44.3% for all exporting countries since 2018 when refined oil shipments were valued at $782.8 billion.
Year over year, the value of global refined oil exports accelerated by 44.8% compared to $779.7 billion during 2021.
The 5 biggest exporters of processed petroleum oils in 2022 were suppliers in the United States of America, India, Netherlands, Russia and Singapore. Collectively, that powerful cohort of processed fuel exporters accounted for about two-fifths (39.8%) of all globally exported refined petroleum oils by value.
Among continents, shippers in Asia delivered the highest dollar worth of refined oil exports during 2022 with shipments valued at $517.5 billion or 46% of the global total. In second place were European exporters at 35.3% while another 14.1% of refined oil shipments originated from North America.
Smaller percentages came from sellers in Africa (2.2%), Latin America (2.1%) excluding Mexico but including the Caribbean, then Oceania (0.3%) led by Australia, Papua New Guinea and Fiji.
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 2022.
- United States: US$135.4 billion (12% of refined oil exports)
- India: $94.4 billion (8.4%)
- Netherlands: $81.6 billion (7.2%)
- Russia: $74.6 billion (6.6%)
- Singapore: $63.5 billion (5.6%)
- South Korea: $61.6 billion (5.5%)
- United Arab Emirates: $59.4 billion (5.3%)
- Belgium: $49.2 billion (4.4%)
- China: $48.3 billion (4.3%)
- Saudi Arabia: $44.5 billion (3.9%)
- Malaysia: $34.5 billion (3.1%)
- Germany: $25.1 billion (2.2%)
- Italy: $25 billion (2.2%)
- Spain: $23.9 billion (2.1%)
- United Kingdom: $18.8 billion (1.7%)
By value, the listed 15 countries shipped 74.4% of global refined oil exported in 2022.
Among the top exporters, the fastest-growing exporters of refined oil since 2021 were: United Kingdom (up 80%), India (up 74.7%), South Korea (up 66.3%) and Germany (up 66%).
United Arab Emirates is the lone major supplier to post a decline in its exported refined oil sales, recording a -33.1% drop from 2021.
Countries Generating Largest Trade Surpluses from Refined Oil
The following countries posted the highest positive net exports for refined petroleum oils during 2022. 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$79.6 billion (net export surplus up 79.6% since 2021)
- Russia: $73.3 billion (up 6.8%)
- United States: $53.1 billion (up 155.3%)
- United Arab Emirates: $48.2 billion (down -13.3%)
- Netherlands: $41.8 billion (up 71.3%)
- Saudi Arabia: $40.1 billion (down -692.9%)
- South Korea: $35.2 billion (up 161.2%)
- mainland China: $28.7 billion (up 81.9%)
- Kuwait: $17.6 billion (up 35.1%)
- Belgium: $14.5 billion (up 78.6%)
- Spain: $12.2 billion (up 80.7%)
- Italy: $11.3 billion (up 59.7%)
- Greece: $10.4 billion (up 39.6%)
- Qatar: $10 billion (up 29.4%)
- Algeria: $9.3 billion (up 34.9%)
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 2022. 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$36.1 billion (net export deficit up 67.2% since 2021)
- Australia: -$34.6 billion (up 106.7%)
- France: -$25.6 billion (up 44.1%)
- Nigeria: -$23.5 billion (up 48.9%)
- Indonesia: -$20.3 billion (up 61.3%)
- South Africa: -$15.9 billion (up 145.9%)
- Chile: -$14.5 billion (up 100.3%)
- Philippines: -$14.4 billion (up 54.5%)
- Democr. Rep. Congo: -$11.5 billion (up 496.7%)
- Bangladesh: -$11.22 billion (up 106.7%)
- United Kingdom: -$11.13 billion (up 281.5%)
- Pakistan: -$11 billion (up 37.6%)
- Brazil: -$10.5 billion (up 70.7%)
- Morocco: -$9.2 billion (up 89.5%)
- Germany: -$9.1 billion (up 30%)
Mexico and Australia 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.
Searchable List of Refined Oil Exporting Countries in 2022
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 2022.
| Rank | Exporter | Refined Oil Exports | 2021-2 |
|---|---|---|---|
| 1. | United States | $135,405,081,000 | +59% |
| 2. | India | $94,398,700,000 | +74.7% |
| 3. | Netherlands | $81,622,874,000 | +55.9% |
| 4. | Russia | $74,628,201,000 | +6.7% |
| 5. | Singapore | $63,483,971,000 | +53.4% |
| 6. | South Korea | $61,560,257,000 | +66.3% |
| 7. | United Arab Emirates | $59,422,723,000 | -33.1% |
| 8. | Belgium | $49,219,478,000 | +55.8% |
| 9. | China | $48,301,151,000 | +48.7% |
| 10. | Saudi Arabia | $44,523,705,000 | 0% |
| 11. | Malaysia | $34,515,284,000 | +65.9% |
| 12. | Germany | $25,105,938,000 | +66% |
| 13. | Italy | $24,999,568,000 | +62.9% |
| 14. | Spain | $23,944,039,000 | +52.7% |
| 15. | United Kingdom | $18,805,578,000 | +80% |
| 16. | Kuwait | $17,627,630,000 | +34.2% |
| 17. | Greece | $17,260,952,000 | +42.9% |
| 18. | Canada | $17,016,568,000 | +48% |
| 19. | Taiwan | $16,721,620,000 | +72.3% |
| 20. | Japan | $14,766,032,000 | +104.2% |
| 21. | Türkiye | $13,057,028,000 | +100.1% |
| 22. | Brazil | $13,036,328,000 | +79.5% |
| 23. | Sweden | $12,944,643,000 | +39.7% |
| 24. | France | $10,791,788,000 | +49.3% |
| 25. | Qatar | $10,189,171,000 | +29.7% |
| 26. | Algeria | $9,382,085,000 | +34.2% |
| 27. | Thailand | $8,862,474,000 | +13.4% |
| 28. | Oman | $8,587,287,000 | +122.2% |
| 29. | Norway | $7,514,620,000 | +19.6% |
| 30. | Iraq | $7,079,363,000 | +17.3% |
| 31. | Finland | $7,005,037,000 | +57.6% |
| 32. | Portugal | $5,671,141,000 | +65.2% |
| 33. | Mexico | $5,659,237,000 | +77.8% |
| 34. | Lithuania | $5,410,396,000 | +61% |
| 35. | Brunei Darussalam | $5,161,573,000 | +79.3% |
| 36. | Egypt | $4,525,293,000 | -25% |
| 37. | Bulgaria | $3,964,284,000 | +214.6% |
| 38. | Romania | $3,661,440,000 | +97.9% |
| 39. | Indonesia | $3,067,947,000 | +124.6% |
| 40. | Poland | $3,061,872,000 | +149% |
| 41. | Australia | $2,959,544,000 | +27.5% |
| 42. | South Africa | $2,828,426,000 | +49.4% |
| 43. | Slovakia | $2,693,098,000 | +55.9% |
| 44. | Colombia | $2,642,280,000 | +23.3% |
| 45. | Slovenia | $2,630,992,000 | +154.5% |
| 46. | Denmark | $2,549,427,000 | +2.3% |
| 47. | Peru | $2,410,989,000 | +29% |
| 48. | Ivory Coast | $2,025,702,000 | +116.1% |
| 49. | Czech Republic | $1,723,287,000 | +19.9% |
| 50. | Ecuador | $1,709,765,000 | +29.6% |
| 51. | Croatia | $1,586,825,000 | +54.5% |
| 52. | Austria | $1,539,680,000 | -14.8% |
| 53. | Kazakhstan | $1,500,128,000 | +64.2% |
| 54. | Turkmenistan | $1,386,239,000 | +66.4% |
| 55. | Hungary | $1,284,431,000 | +22.4% |
| 56. | Ireland | $1,284,009,000 | +73.6% |
| 57. | Estonia | $1,187,619,000 | +32.5% |
| 58. | Viet Nam | $1,093,868,000 | +8.7% |
| 59. | Senegal | $1,019,658,000 | +32.3% |
| 60. | Trinidad/Tobago | $949,410,000 | +55.5% |
| 61. | Switzerland | $948,207,000 | +164.6% |
| 62. | Cyprus | $891,422,000 | +27.3% |
| 63. | Belarus | $864,715,000 | 0% |
| 64. | Libya | $804,850,000 | +18.9% |
| 65. | Hong Kong | $753,911,000 | +18.7% |
| 66. | Chile | $692,206,000 | +131.1% |
| 67. | Tunisia | $665,415,000 | +144.5% |
| 68. | Serbia | $584,698,000 | +31.6% |
| 69. | Moldova | $559,450,000 | +3996% |
| 70. | Argentina | $550,709,000 | -2.2% |
| 71. | Azerbaijan | $527,355,000 | -18.8% |
| 72. | Angola | $479,627,000 | +109.9% |
| 73. | Latvia | $464,792,000 | +97.4% |
| 74. | Papua New Guinea | $442,030,000 | +120.3% |
| 75. | Kenya | $424,440,000 | +55.1% |
| 76. | Namibia | $410,799,000 | +173.1% |
| 77. | Eswatini | $399,399,000 | +688519% |
| 78. | Morocco | $371,983,000 | +92% |
| 79. | Sri Lanka | $259,226,000 | +25.6% |
| 80. | Fiji | $246,648,000 | +184.4% |
| 81. | Mozambique | $217,318,000 | +442.6% |
| 82. | Sudan | $196,684,000 | +624.8% |
| 83. | Seychelles | $195,901,000 | +116.5% |
| 84. | Suriname | $195,574,000 | +169.1% |
| 85. | Gabon | $183,133,000 | -32% |
| 86. | Barbados | $175,650,000 | +140.4% |
| 87. | Iceland | $170,755,000 | +149% |
| 88. | Bahamas | $161,073,000 | -12.7% |
| 89. | Malta | $159,166,000 | -27.5% |
| 90. | Gibraltar | $157,853,000 | +1477% |
| 91. | North Macedonia | $152,359,000 | +67% |
| 92. | El Salvador | $151,592,000 | +15.1% |
| 93. | Kyrgyzstan | $143,546,000 | +110.4% |
| 94. | Iran | $141,123,000 | -98.7% |
| 95. | Uzbekistan | $134,294,000 | +105% |
| 96. | Curaçao | $126,085,000 | -38% |
| 97. | Niger | $122,226,000 | -50% |
| 98. | US Minor Outlying Is | $116,064,000 | -22.9% |
| 99. | Ghana | $116,027,000 | +53.1% |
| 100. | British Virgin Islands | $106,599,000 | +2517% |
Focusing on the top 100 exporters of refined oil, the fastest growers from 2021 to 2022 were Eswatini (up 688,519%), Moldova (3,996%), British Virgin Islands (up 2,517%), Gibraltar (up 1,477%), Sudan (up 624.8%) and Mozambique (up 442.6%).
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 2022 data was unavailable.
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 August 21, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 21, 2023
International Trade Centre, Trade Map. Accessed on August 21, 2023
Investopedia, Net Exports Definition. Accessed on August 21, 2023
Wikipedia, Big Oil. Accessed on June 1, 2022
