Crude oil trade sees 4% increase in ‘16

Global crude oil trade hit 2.1 billion tonnes last year, a rise of 4 percent from 2015 levels when oil trade reached 2.03 billion tonnes, BP's latest report showed.

In 2016, with 585.7 million tonnes of production, Saudi Arabia, the world's largest producer, exported the most oil worldwide.

The country accounted for 17.7 percent of global oil trade with 375.3 million tonnes of exports. The country increased its export level by 4.5 percent in 2016, compared to the previous year.

Last year, Japan, the U.S. and China were the top three countries to buy Saudi oil.

Japan imported 59 million tonnes of Saudi oil. The U.S. purchased 54.8 million tonnes and Saudi Arabia sold 51 million tonnes to China.

Russia followed Saudi Arabia as the second biggest oil exporter, with 274 million tonnes. Iraq ranked third with 177.5 million tonnes of oil exports.

In 2016, oil production grew by 0.5 percent while consumption increased by 1.7 percent around the world.

Last year, the U.S. imported the most oil in the world at 393.3 million tonnes and accounted for 18.5 percent of global trade.

The second and third largest oil importers were China with 382.6 million tonnes and India with 212.3 million tonnes respectively.

By Zeynep Beyza Kilic



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