Crude Oil Exports and imports

In January 2010, the price of crude oil and gasoline fell. The Crude oil traded at $ 77.74 a barrel. China has become the biggest oil consuming country followed by the United States of America. The other major oil-consuming countries are India, Japan, Brazil, France, Mexico, etc, these countries is about 2.1 million barrels to 20.7 million barrels per day. The counties, which are not in the production of oil or who are unable to meet domestic needs require Crude oil imports. Oil demand in the future is likely to increase due to the transport sector and many other industries.

In 2009, the share of imports of crude oil has played a significant role to the United States of America imported 91.2% of crude oil crude oil from the top 15 exporting countries. To name a few, are Algeria, Angola, Kuwait, United Kingdom, Russia, Saudi Arabia, Iraq and Brazil. No customs duties collected by the United States on the gross amount of oil imports from Colombia, Mexico and Canada and counties that have signed an agreement with the U.S. compression led to the recession and falling prices of crude oil. There are large fluctuations in demand and supply of crude oil. The main oil-producing countries like Saudi Arabia is not much revenue last year and profits have been marginal compared to only export earnings from crude oil in previous years.

Indeed, the price of other products is influenced by many factors with regard to the supply and demand, oil prices are also too influenced and give lead to large fluctuations and fluctuations in prices. When demand for oil exceeds production capacity of the main producing countries oil as Saudi Arabia, Nigeria, Venezuela, Iran and Kuwait, is rising oil prices. End users should challenge due the increase in the price.

Digging wells to extract oil from the surface of the ground and refining it comes to large investments and oil refineries in the application of new technologies and the use of advanced technologies and equipment to meet the growing demand for crude oil, which is not very possible if the price does not increase. Meanwhile, other industries and individual consumers to reduce oil consumption leading to a slight change in the percentage of imports of crude oil and crude oil exports. With rising prices, oil industry apply new techniques and raise productivity levels of oil, which gradually restore balance between supply and demand.

Organization of Petroleum Exporting Countries (OPEC) provides a fair return on investment for investors in the oil industry and a stable income for producers of oil. Regulates and controls the oil markets and ensure that consumers have of oil and its products on a regular basis. OPEC countries to manage half of world exports of crude oil and most oil reserves are included.

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