The data indicates that in 2023, Russia led the world in the export of mineral fuels and oils, valued at 134.7 billion USD. The United States and Canada followed, with exports valued at 94.7 billion USD and 62.31 billion USD, respectively. Australia, Norway, and Qatar also made significant contributions. From 2022 to 2023, Russia showed a high year-on-year growth rate of exports, while the U.S. and Canada demonstrated moderate growth. Over the past five years, the Compound Annual Growth Rate (CAGR) has reflected incremental growth for most top exporters, with Russia leading significantly in value.
Future trends to watch for in the mineral fuels and oils market include:
- Shifts in global demand due to the push for green energy and any changes in policy towards fossil fuels.
- Developments in geopolitical relations which could affect trade routes and export strategies, notably for Russia.
- Technological advancements in extraction and production that might influence export volumes.
- Emerging markets potentially increasing their contribution to global exports as their industries expand.
Top countries in Top Exporters of Mineral Fuels and Oils
| # | 10 Countries | Million US Dollars | Last Year | |
|---|---|---|---|---|
| 1 | 1 Russia | 134,700 | 2016 | |
| 2 | 2 United States | 94,700 | 2016 | |
| 3 | 3 Canada | 62,310 | 2016 | |
| 4 | 4 Australia | 48,540 | 2016 | |
| 5 | 5 Norway | 47,480 | 2016 | |
| 6 | 6 Qatar | 46,740 | 2016 | |
| 7 | 7 United Arab Emirates | 45,620 | 2016 | |
| 8 | 8 Iraq | 43,770 | 2016 | |
| 9 | 9 Netherlands | 42,950 | 2016 | |
| 10 | 10 Singapore | 37,460 | 2016 |
