Global seaborne trade volume of crude oil 2010-2022

Globally, around 1.95 billion metric tons of crude oil was transported by sea in 2022. This was still lower than the volumes reported pre-pandemic, with global oil production also falling short of those levels.

Oil in the global economy and main importers

Oil is the fuel that keeps the global economy running as the hydrocarbon is heavily utilized for fuel and chemical production. Worldwide production of crude oil rose from about 73 million barrels in 1998 to about 95 million barrels in 2019 before dropping by more than five million barrels the following year. While accounting for less than 10 percent of global oil production, the Asia-Pacific region is the largest consumer of oil; over a third of worldwide oil consumption is concentrated here.

Oil tankers in the global merchant fleet

Where pipeline infrastructure between trading partners is limited, large oil volumes have to be transported by land or sea. The key passages for seaborne oil trade include the routes from Panama to China, from the Strait of Hormuz to Japan and from West Africa to India. Among the main tanker builders are companies such as the General Dynamics-owned NASSCO. Crude oil tankers were the third most important vessel type in the global merchant fleet.