Dr.DEBESH BHOWMIK

Dr.DEBESH BHOWMIK

Monday 23 September 2013

WORLD TRADE OF NATURAL OIL





World Trade of Natural Oil 

-Dr.Debesh Bhowmik
 
The world financial crisis in both USA and EU which had spill over effects in the international economy had created bad impact on international trade of natural oil.The middleeast and the African countries which are the main producers of the world dwindled their exports since 2008 for which the import demand of USA , Europe and Japan had fallen sharply since 2008  and the international oil price had started to rise quickly as soon as the recession in EU began.USA imported 12872 thousands  barrels  daily in 2008 which fell down to 10587 thousand barrels daily in 2012 which was 19.1% of the total. Europe imported 13751 thousand barrel daily in 2008 which decreased to 12488 thousand barrels daily in 2012 which was 22.6 % of the total.The import of Japan also stepped down from 4925 thousand barrels to 4743 thousand barrels during the said period.The middle east and Africa , the main suppliers of oil had cut down their export . The middle east cut from 20128 thousand barrels daily in 2008 to 19699 thousand barrels daily in 2012 which was 35.6% of the total.Africa cut from 9979 thousand barrels daily in 2008 to 7168 thousand barrels daily in 2012 which was 13% of the total.Mexico also cut down from 1609 to 1366 thousand barrels daily during the said period.USA, being a strong producer of oil exported only 4.8% of the total exports in comparison to 5.5% of Canada in 2012.USSR had a great role in oil export market and contributed 15.5% of total exports in 2012.
 Table-1: Trade Movements of Natural oil
Thousand barrels daily

2002
2008
2012
2012 share of total
Imports




USA
11357
12872
10587
19.1
Europe
11895
13751
12488
22.6
Japan
5070
4925
4743
8.6
Rest of world
16291
23078
27496
49.7
Total world
44613
54626
55314
100
Exports




USA
904
1967
2680
4.8
Canada
1959
2498
3056
5.5
Mexico
1966
1609
1366
2.5
S.&cent America
2965
3616
3834
6.9
Europe
2234
2023
2174
3.9
USSR
5370
8184
8597
15.5
Middle East
18062
20128
19699
35.6
North Africa
2620
3260
2604
4.7
West Africa
3134
4587
4564
8.3
Asia Pacific
3848
5392
6419
11.6
Rest of World
1551
1363
322
0.6
World Total
44613
54626
55314
100


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