After the discovery of Omicron, a new variant of the Novel Coronavirus, the global trade flow, and economy expect to be collapse like the previous year (2020). After the discovery of this new deadly virus many countries such as the United States, Canada, Brazil, Britain, the European Union, Saudi Arabia, Russia, Japan, Australia, and India have put restrictions on the use of public transport and travel for security and precaution reasons.
Despite the situation, the price and production of oil have increased by the OPEC ( Organization of the Petroleum Exporting Countries) because according to the organization and as per the annual statistical bulletin of the year 2019, the Organization of the Petroleum Exporting Countries accounted for 79.4% of the total world oil reserves. Nations such as Iraq, Iran, Saudi Arabia, and Venezuela are among OPEC's top countries with the highest share of the barrels of crude oil.
Looking Deeper in 2020’s Import and Export of Crude oil
The Asian and European remain the highest crude oil-importing countries in 2020. In 2020, China was the highest crude oil-importing country among Asian countries followed by nations such as the United States and India. China, India, and the United States remain the top three crude oil importing countries during 2020.
The given below data shows the quarterly value of the top three crude oil importing countries during 2020. The data is sourced from the most authorized and reliable sources of information to offer our client with the most reliable and relevant market analysis reports and custom research data.
The data Exim provides helps you gain insights into the global trade market and its trends which allow you to track and monitor the trade activities of the traders and big merchants use for their international trade business.
Saudi Arabia holds the highest exports volume of crude oil among all the present OPEC countries.
MONTH
VALUE USD
JANUARY
15.57%
FEBRUARY
5.86%
MARCH
10.41%
APRIL
10.33%
MAY
8.98%
JUNE
10.36%
JULY
13.14%
AUGUST
13.9%
SEPTEMBER
11.18%
The above data shows Saudi Arabia’s exports of crude oil throughout the year 2021. Saudi Arabia recorded the highest world crude oil exports in January 2021 and accounted for a share of 15.57% followed by august and July with a share of 13.9% and 13.14% respectively.
The recent market analysis reports suggest that Russia and some of the OPEC countries have increased the production of crude oil to push the oil prices and increase its cost in the global market.
To know more about trade affairs and trade activities of global countries you can buy customs import-export trade data of any global country at reasonable prices from Exim trade data as we offer world-class customs reports, marketing intelligence reports, and research data that allows you to gain access to our huge database that help you get meaningful and crucial insights into the Global Trade Data.