Residues: of petroleum oils or of oils obtained from bituminous minerals

In 2024, residues: of petroleum oils or of oils obtained from bituminous minerals trade exhibited strong growth, with global flows reaching $917,575,905 and a three-year compound annual growth rate of +8.3% (five-year: -3.5%). The all-time peak of $2,060,084,834 was recorded in 2014; the current level is 55% 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 (+16.0% acceleration).

The World Trade Flows Characterization classifies residues: of petroleum oils or of oils obtained from bituminous minerals as "One-way trade" in the medium price range price segment, providing additional context for market positioning and competitive dynamics.

The supply side is concentrated (Herfindahl-Hirschman Index 0.452). The three largest exporters — Indonesia ($826.2M), Saudi Arabia ($120.3M), and Kazakhstan ($92.9M) — collectively dominate supply flows. The leading exporter has grown at +27.7% over the last three years.

On the demand side, importer concentration is moderately concentrated (HHI 0.241). The three largest import markets are Singapore ($312.6M), Malaysia ($309.0M), and Nauru ($86.7M). The largest importing market sources from 8 different supplying countries.

Estimated substitution elasticity: -52.26. Buyers are highly price-sensitive and can switch between suppliers relatively easily.

The dominant trade corridor is Indonesia → Singapore at $305.3M, representing 97.6% of the importer's total demand.

The volatility score for residues: of petroleum oils or of oils obtained from bituminous minerals is 25 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, strong demand tailwinds create a favourable entry environment. The concentrated supply structure suggests high barriers but also potential opportunity if dominant suppliers face disruption or capacity constraints.

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