Oils: petroleum oils and oils obtained from bituminous minerals, crude

In 2024, oils: petroleum oils and oils obtained from bituminous minerals, crude trade exhibited significant decline, with global flows reaching $1,254,558,284,328 and a three-year compound annual growth rate of +6.3% (five-year: +3.0%). The all-time peak of $1,673,506,958,848 was recorded in 2012; the current level is 25% below that high-water mark.

Over the 30-year observation window (1995–2024), 59% of years recorded positive growth, indicating a mildly upward trajectory with periodic contractions. Trend momentum is strengthening (+7.7% acceleration).

The World Trade Flows Characterization classifies oils: petroleum oils and oils obtained from bituminous minerals, crude as "Two-way trade" in the unclassified price segment, providing additional context for market positioning and competitive dynamics.

The supply side is diversified (Herfindahl-Hirschman Index 0.067). The three largest exporters — Saudi Arabia ($182.7B), Russia ($134.3B), and United States ($118.1B) — collectively dominate supply flows. The leading exporter has grown at +4.7% over the last three years.

On the demand side, importer concentration is diversified (HHI 0.096). The three largest import markets are China ($291.6B), United States ($165.0B), and India ($130.1B). The largest importing market sources from 46 different supplying countries.

Estimated substitution elasticity: -12.55. Buyers are highly price-sensitive and can switch between suppliers relatively easily.

The dominant trade corridor is Canada → United States at $100.8B, representing 61.1% of the importer's total demand.

The volatility score for oils: petroleum oils and oils obtained from bituminous minerals, crude is 9 out of 100, classified as low. Trade flows are relatively stable compared to other HS6 products, suggesting mature supply chains and predictable demand.

For market entrants, contracting demand signals caution before committing resources. The diversified supply landscape means many competitors but also multiple entry points and buyer relationships to target.

Data confidence is rated "High" based on reporting coverage and consistency across OECD member and partner countries.