Year over year, the value of global refined oil exports accelerated by 46.7% from $479.9 billion during 2020.
The 5 biggest exporters of processed petroleum oils in 2021 were the United States of America, Russia, India, Netherlands and Singapore. Collectively, that powerful cohort of processed fuel exporters accounted for 42.9% of all globally exported refined petroleum oils by value.
Among continents, shippers in Asia delivered the highest dollar worth of refined oil exports during 2021 with shipments valued at $292.2 billion or 41.5% of the global total. In second place were European exporters at 39.1% while another 14.2% of refined oil shipments originated from North America.
Smaller percentages came from Africa (2.6%), Latin America (2.2%) excluding Mexico but including the Caribbean, then Oceania (0.4%) 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
Below are the 15 countries that exported the highest dollar value worth of refined oil during 2021.
- United States: US$84.9 billion (12.1% of refined oil exports)
- Russia: $70 billion (9.9%)
- India: $54 billion (7.7%)
- Netherlands: $52 billion (7.4%)
- Singapore: $41.4 billion (5.9%)
- United Arab Emirates: $37.6 billion (5.3%)
- South Korea: $37 billion (5.3%)
- Belgium: $31.6 billion (4.5%)
- China: $30 billion (4.3%)
- Malaysia: $20.8 billion (3%)
- Spain: $15.7 billion (2.2%)
- Italy: $15.4 billion (2.2%)
- Germany: $15 billion (2.1%)
- Greece: $12.1 billion (1.7%)
- Canada: $11.5 billion (1.6%)
By value, the listed 15 countries shipped 75.1% of global refined oil exported in 2021.
Among the top exporters, the fastest-growing refined oil exporters since 2020 were: India (up 106.4%), Italy (up 78.5%), Greece (up 73.8%) and Belgium (up 72.2%).
The United Arab Emirates was the main supplier to post a decline in its exported refined oil sales (down -20.9%).
Countries Generating Largest Trade Surpluses from Refined Oil
The following countries posted the highest positive net exports for refined petroleum oils during 2021. 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$68.6 billion (net export surplus up 54.8% since 2020)
- India: $44.3 billion (up 118.3%)
- United Arab Emirates: $29.9 billion (down -4.6%)
- Netherlands: $26.2 billion (up 55.3%)
- United States of America: $20.8 billion (down -2.5%)
- mainland China: $14.9 billion (up 8.8%)
- South Korea: $13.5 billion (up 29.3%)
- Qatar: $9.9 billion (reversing a -$89.7 million deficit)
- Belgium: $8.1 billion (up 120.4%)
- Kuwait: $7.9 billion (up 48.5%)
- Greece: $7.5 billion (up 77.5%)
- Italy: $7.2 billion (up 112.1%)
- Algeria: $6.8 billion (up 87.5%)
- Spain: $6.7 billion (up 37.7%)
- Oman: $4.4 billion (up 142%)
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.
Countries Causing Worst Trade Deficits from Refined Oil
The following countries posted the highest negative net exports for refined petroleum oils during 2021. 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$21.6 billion (net export deficit up 36.1% since 2020)
- France: -$17.8 billion (up 53.1%)
- Australia: -$16.7 billion (up 70%)
- Nigeria: -$15.8 billion (up 106.9%)
- Indonesia: -$12.6 billion (up 73.6%)
- Japan: -$11.2 billion (up 105.1%)
- Philippines: -$9.3 billion (up 119.1%)
- Pakistan: -$8 billion (up 93.6%)
- Panama: -$7.2 billion (up 834.9%)
- Hong Kong: -$7 billion (up 32.2%)
- Germany: -$6.95 billion (up 25.6%)
- Saudi Arabia: -$6.8 billion (up 78.6%)
- South Africa: -$6.4 billion (up 272.9%)
- Brazil: -$6.2 billion (up 165%)
- Gibraltar: -$5.3 billion (up 21.2%)
Mexico incurred the highest deficit in the international trade of processed petroleum oils. In turn, this negative cashflow highlights Mexico ‘s strong competitive disadvantage for this specific product category but also signals opportunities for refined oil-supplying countries that help satisfy the powerful demand among consumers and businesses.
Refined Oil Exporting Companies
According to Forbes Global 2000 rankings, the following oil and gas companies are among the top 40 largest companies in the world.
- Exxon Mobile (United States)
- PetroChina (China)
- Royal Dutch Shell (Netherlands)
- BP (United Kingdom)
- Chevron (United States)
- Gazprom (Russia)
- Total (France)
- Sinopec-China Petroleum (China)
- Petrobras (Brazil)
- Rosneft (Russia)
The above corporations are presented in the same order as they appeared in the Forbes listing.
Searchable List of Refined Oil Exporting Countries in 2021
The 100 key oil shippers in the automated database below were responsible for 99.8% of the overall value of exported refined petroleum oils during 2021.
| Rank | Exporter | Refined Oil Exports (US$) | 2020-1 |
|---|---|---|---|
| 1. | United States | $84,936,986,000 | +46.9% |
| 2. | Russia | $69,965,740,000 | +54.2% |
| 3. | India | $54,037,062,000 | +106.4% |
| 4. | Netherlands | $51,968,277,000 | +49.6% |
| 5. | Singapore | $41,386,579,000 | +51% |
| 6. | United Arab Emirates | $37,607,212,000 | -20.9% |
| 7. | South Korea | $37,024,032,000 | +59.8% |
| 8. | Belgium | $31,625,402,000 | +72.2% |
| 9. | China | $30,043,243,000 | +17.9% |
| 10. | Malaysia | $20,799,115,000 | +62.6% |
| 11. | Spain | $15,675,636,000 | +62.5% |
| 12. | Italy | $15,447,592,000 | +78.5% |
| 13. | Germany | $15,017,207,000 | +57.4% |
| 14. | Greece | $12,055,826,000 | +73.8% |
| 15. | Canada | $11,490,222,000 | +59.7% |
| 16. | United Kingdom | $10,440,237,000 | +44.8% |
| 17. | Qatar | $10,359,965,000 | 0% |
| 18. | Taiwan | $9,707,991,000 | +67.6% |
| 19. | Sweden | $9,245,592,000 | +68.3% |
| 20. | Kuwait | $7,964,582,000 | +47.7% |
| 21. | Thailand | $7,817,113,000 | +68.8% |
| 22. | Brazil | $7,263,332,000 | +43.6% |
| 23. | Japan | $7,230,326,000 | +30.1% |
| 24. | France | $7,228,064,000 | +52.6% |
| 25. | Algeria | $6,896,802,000 | +74.2% |
| 26. | Turkey | $6,524,419,000 | +75.5% |
| 27. | Norway | $6,282,125,000 | +68.1% |
| 28. | Egypt | $6,030,911,000 | +107.9% |
| 29. | Oman | $5,126,599,000 | +86.6% |
| 30. | Iraq | $4,667,539,000 | +0.6% |
| 31. | Finland | $4,427,268,000 | +12.5% |
| 32. | Portugal | $3,439,009,000 | +45% |
| 33. | Lithuania | $3,358,779,000 | +79.3% |
| 34. | Mexico | $3,182,186,000 | +175.6% |
| 35. | Brunei Darussalam | $3,139,692,000 | +101.4% |
| 36. | Bahrain | $3,061,726,000 | -11.1% |
| 37. | Denmark | $2,491,345,000 | +80.6% |
| 38. | Australia | $2,320,405,000 | +49.3% |
| 39. | Colombia | $2,143,587,000 | +38.3% |
| 40. | South Africa | $1,893,400,000 | +3.7% |
| 41. | Peru | $1,869,040,000 | +146.8% |
| 42. | Romania | $1,846,954,000 | +39.7% |
| 43. | Austria | $1,810,185,000 | +61.5% |
| 44. | Slovakia | $1,724,320,000 | +37.9% |
| 45. | Czech Republic | $1,431,004,000 | +85.3% |
| 46. | Indonesia | $1,366,094,000 | +93.3% |
| 47. | Ecuador | $1,319,767,000 | +134.2% |
| 48. | Bulgaria | $1,292,297,000 | +16.8% |
| 49. | Poland | $1,229,578,000 | +46% |
| 50. | Hungary | $1,050,867,000 | +15.1% |
| 51. | Slovenia | $1,033,761,000 | +42% |
| 52. | Croatia | $1,023,109,000 | +67.1% |
| 53. | Vietnam | $958,421,000 | +56% |
| 54. | Estonia | $895,560,000 | +19.9% |
| 55. | Turkmenistan | $824,394,000 | +252.8% |
| 56. | Senegal | $770,955,000 | +25.7% |
| 57. | Kazakhstan | $707,685,000 | +9.6% |
| 58. | Cyprus | $700,178,000 | +49.7% |
| 59. | Ireland | $695,870,000 | +11.5% |
| 60. | Azerbaijan | $649,567,000 | +120.1% |
| 61. | Hong Kong | $635,092,000 | +34.8% |
| 62. | Libya | $590,321,000 | +461.6% |
| 63. | Argentina | $563,257,000 | +29.7% |
| 64. | Papua New Guinea | $500,514,000 | +45.5% |
| 65. | Serbia | $444,402,000 | +112.7% |
| 66. | Switzerland | $358,311,000 | -3.2% |
| 67. | Trinidad/Tobago | $342,608,000 | -50.1% |
| 68. | Bahamas | $304,573,000 | +216.2% |
| 69. | Malta | $299,411,000 | +246.7% |
| 70. | Chile | $299,036,000 | +55.3% |
| 71. | Panama | $275,242,000 | +5885% |
| 72. | Kenya | $273,891,000 | -32% |
| 73. | Tunisia | $272,133,000 | +14.6% |
| 74. | Latvia | $230,142,000 | +85.2% |
| 75. | Angola | $228,455,000 | +40.9% |
| 76. | Congo | $216,583,000 | +23% |
| 77. | Ivory Coast | $204,933,000 | -68.8% |
| 78. | Ukraine | $194,674,000 | +88.5% |
| 79. | Morocco | $193,731,000 | +47.6% |
| 80. | Sri Lanka | $159,879,000 | -42.7% |
| 81. | Curaçao | $159,034,000 | 0% |
| 82. | Gabon | $138,536,000 | +109.4% |
| 83. | El Salvador | $131,710,000 | +64.6% |
| 84. | US Minor Outlying Is | $128,953,000 | +155.6% |
| 85. | Niger | $120,533,000 | -34.2% |
| 86. | Jamaica | $120,288,000 | -49% |
| 87. | Iran | $112,311,000 | -98.3% |
| 88. | New Zealand | $98,062,000 | +499% |
| 89. | Dominican Republic | $87,180,000 | +317.3% |
| 90. | Fiji | $86,652,000 | -18.3% |
| 91. | South Sudan | $84,991,000 | +6827% |
| 92. | Democr. Rep. Congo | $79,807,000 | +15.9% |
| 93. | Guatemala | $77,325,000 | +232.8% |
| 94. | Antigua/Barbuda | $75,980,000 | +1974% |
| 95. | Ghana | $73,967,000 | -16.3% |
| 96. | Suriname | $73,399,000 | +203786% |
| 97. | Barbados | $73,080,000 | -9.7% |
| 98. | Iceland | $68,579,000 | +111.7% |
| 99. | Kyrgyzstan | $68,236,000 | +53.7% |
| 100. | Bangladesh | $65,613,000 | +209.9% |
Focusing on the top 100 exporters of refined oil, the fastest growers from 2020 to 2021 were Suriname (up 203,786%), South Sudan (6,827%), Antigua and Barbuda (up 1,974%), New Zealand (up 499%), Libya (up 461.6%) and the Dominican Republic (up 317.3%).
s
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 2021 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 June 30, 2022
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 30, 2022
International Trade Centre, Trade Map. Accessed on June 30, 2022
Investopedia, Net Exports Definition. Accessed on June 30, 2022
Wikipedia, Big Oil. Accessed on June 1, 2021
