World’s Best Import Markets for Oils From Coal Tar

December 11th, 2023 IndexBox Leave a comment

Oils from coal tar have become an essential commodity in various industries, ranging from pharmaceuticals to chemicals. As the demand for these oils continues to grow, it is crucial to understand the top import markets for this product. In this article, we will explore the world’s best import markets for oils from coal tar, backed by key statistics and data from the IndexBox market intelligence platform.

1. The Netherlands

The Netherlands leads the global import market for oils from coal tar, with an import value of $6.8 billion USD in 2022. This country’s significant demand for these oils is driven by its robust chemical industry and its position as a key trading hub in Europe.

2. Belgium

Following closely behind, Belgium ranks second in terms of import value, with $5.6 billion USD in 2022. Belgium benefits from its strategic location within Europe, allowing it to serve as a major distribution center for oils from coal tar in the region.

3. Ecuador

Ecuador takes the third spot on the list, with an import value of $2.5 billion USD in 2022. The country’s demand for oils from coal tar is primarily driven by its growing chemical and pharmaceutical industries.

4. China

China, known for its rapid industrial growth, secures the fourth position with an import value of $1.7 billion USD in 2022. The country’s expanding manufacturing sector and rising demand for chemicals contribute to its significant import market for oils from coal tar.

5. India

India follows closely behind China, with an import value of $1.6 billion USD in 2022. It is worth noting that India’s chemical industry is one of the largest in the world, creating a substantial demand for oils from coal tar.

6. Germany

Germany, known for its strong industrial base, ranks sixth in terms of import value, with $1.3 billion USD in 2022. The country’s diverse manufacturing sectors rely heavily on oils from coal tar, propelling its position in the import market.

7. United States

The United States secures the seventh spot, with an import value of $1.2 billion USD in 2022. Despite being a significant producer of coal tar oils domestically, the country still relies on imports to meet its growing demand.

8. South Korea

South Korea follows closely behind the United States, with an import value of $973.9 million USD in 2022. The country’s chemical industry and its specialization in refining and processing raw materials contribute to its prominent position in the import market.

9. Spain

Spain holds the ninth position on the list, with an import value of $924.0 million USD in 2022. The country’s construction, automotive, and chemical industries drive its demand for oils from coal tar.

10. Denmark

Lastly, Denmark completes the list with an import value of $857.4 million USD in 2022. The country’s thriving chemical and pharmaceutical sectors contribute to its position as one of the best import markets for these oils.

By analyzing the import values and key statistics from the IndexBox market intelligence platform, it is clear that the Netherlands, Belgium, and Ecuador dominate the global import market for oils from coal tar. These countries robust industries and strategic locations make them ideal destinations for exporters looking to capitalize on the growing demand for these oils.

Disclaimer: This article includes data from the IndexBox market intelligence platform, a leading source of market data and trends. However, readers are encouraged to conduct further research and analysis to obtain a comprehensive understanding of the subject matter.

Source: IndexBox Market Intelligence Platform

Global Logistics, Global Trade Daily

A Sour Outlook for Q4: Crude Supply Cuts and Refinery Challenges

September 28th, 2023 Peter Frerichs Leave a comment

The Organization of the Petroleum Exporting Countries (OPEC) and its allies are tightening the crude oil supply. This follows OPEC’s 2022 strategy and will likely continue through the fourth quarter of 2023. The US sectors most heavily affected are farmers, construction companies, and transportation businesses.

The benchmark Brent crude price surpassed $90 a barrel for the first time in September while 1.3 million of estimated barrels have been cut daily. Crude prices are at a 10-month high and the heavy refined fuels that ships, planes, and trucks rely upon have skyrocketed in price. Diesel is up 41% while jet fuel registered a 24% increase (year over year). The latter has been rising steadily since May and Spirit Airlines, American Airlines, and Delta Air Lines all suffered a slide in their respective stock prices. The US Global Jets exchange-traded fund also declined 19% over the last three months.

OPEC crude oil production is at its lowest since August 2021. Global economic contraction had led to slumping oil prices prompting OPEC’s (and its allies) response as one of aggressive supply restraint. On the other end, output increases by Venezuela and Iran have been notable. Iranian production reached a nearly 6-year high at 2.76 million barrels per day and Venezuela hit a 5-year peak at 810,000 barrels per day. Relaxed US sanctions post the Russian invasion of Ukraine were the likely catalyst behind the production uptick.

Apart from supply, the world’s capacity to make diesel is also driving prices northward. Refineries are the engine and the Middle East and Africa have experienced delayed refinery startups while European refiners are struggling to make enough trucking fuel. One sector that is thriving is US refiners. Phillips 66, Marathon Petroleum, and Valero Energy are trading at near-record highs. Healthy refining environments are in excellent condition based on tight supply and ever-increasing demand.

At a macro level rising energy prices pose serious risks for consumer inflation. Everything from meal deliveries to everyday goods and services is affected. Contracting inventories will likely maintain crude oil prices elevated until 2024 and the surplus that was enjoyed in the first quarter of 2023 is expected to reverse.

Archives, Global Trade Daily, Special Reports, State Spotlight

U.S. States Producing the Most Oil

November 2nd, 2021 Commodity.com Leave a comment

With gasoline prices reaching their highest levels since 2014 this fall, consumers, policymakers, and economic experts have lately turned their attention to the state of oil production in the U.S. and worldwide.

The COVID-19 pandemic has been an uneasy time for oil, as with many other products and sectors of the economy. The price of oil futures briefly turned negative in the first months of the pandemic, and remained at relatively low levels through most of 2020 and the first part of 2021, a product of reduced demand for fuel and a price war between Russia and Saudi Arabia. While demand has recovered the longer the pandemic has gone on, oil production has been affected by the global supply chain struggles that many other industries are experiencing as well. As a result, oil prices have rebounded to their highest levels in more than half a decade.

The volatility of the oil markets during the COVID-19 pandemic highlights the challenges of having a critical product like oil be part of a complex globalized economy. Even before the pandemic, many political and economic leaders had been seeking to lessen U.S. dependence on foreign sources of oil to make the country more self-reliant in its energy mix.

The U.S. has had success on this front in recent years. The U.S. saw a steady decline in oil production from the late 1980s to the mid-2000s, a product of a range of factors including decreased demand, the growth of the environmental conservation movement, and increased involvement in the Middle East. Oil production in the U.S. bottomed out at 5 million barrels per day in 2008. Since then, as policymakers have prioritized domestic production and the rise of techniques like fracking have reduced the cost of extracting petroleum, U.S. production has boomed. In 2018, the U.S. surpassed Russia and Saudi Arabia to become the world’s leading producer of crude oil.

The result of this growth in domestic production has been a sharp decline in petroleum imports. Imports have fallen since their peak of 13.7 million barrels per day in 2005, dropping to only 7.85 million in 2020. After taking exports of 8.5 million into account, the U.S. actually became a net exporter of oil for the first time last year.

In the U.S., as is the case globally, oil reserves are not evenly distributed, and some states produce significantly more than others. Texas is far and away the leading oil producer in the U.S. at nearly 1.8 billion barrels annually—more than four times the total for runner-up North Dakota. States in the Plains and Mountain West fare best, along with Alaska and Gulf Coast states like Louisiana and Mississippi.

The data used in this analysis is from the U.S. Energy Information Administration. To determine the states producing the most oil, researchers at Commodity.com calculated the total annual crude oil production in 2020. In the event of a tie, the state with the higher 10-year change in annual crude oil production was ranked higher. Researchers also included the latest statistics on proven oil reserves, the number of operable petroleum refineries, and per capita oil consumption.

Here are the states producing the most oil.

State	Rank	Total annual crude oil production (thousand barrels)	10-year change in annual crude oil production	Crude oil reserves (million barrels)	Number of operating refineries	Per capita oil consumption (barrels)
Texas	1	1,776,449	+316.3%	18,622	31	53.6
North Dakota	2	434,889	+286.4%	5,897	1	46.8
New Mexico	3	370,402	+464.9%	3,456	1	24.1
Oklahoma	4	171,740	+144.7%	2,047	5	25.0
Colorado	5	167,832	+407.5%	1,414	2	18.2
Alaska	6	163,852	-25.1%	2,680	5	53.2
California	7	143,114	-28.6%	2,213	14	16.8
Wyoming	8	89,091	+65.3%	1,013	4	49.9
Louisiana	9	36,708	-45.7%	389	16	80.9
Utah	10	30,951	+25.5%	275	5	18.5
Kansas	11	28,260	-30.2%	313	3	23.2
Ohio	12	23,819	+399.1%	88	4	18.1
West Virginia	13	19,059	+934.7%	13	1	22.9
Montana	14	18,985	-25.1%	298	4	31.4
Mississippi	15	14,166	-40.9%	114	3	24.9
United States	–	4,129,563	+106.3%	44,191	129	22.8

For more information, a detailed methodology, and complete results, you can find the original report on Commodity.com’s website: https://commodity.com/blog/states-producing-oil/

Archives, Global Trade Daily, Special Reports, Utilities

AI in the Oil and Gas Market

August 26th, 2021 Marcus Clarke Leave a comment

Artificial Intelligence (AI) is beneficial to all types of industries. In the oil and gas industry, it stands to make huge gains. The industry is one of the most dangerous because of the constant risk of fires and explosions due to the explosive nature of these fuels. Digital transformation in the oil and gas sector may save about 10% of field operations cost thanks to using augmented visual technologies. AI improves business operations, the productivity of the fuels, and safety. It also lends preciseness to applications such as quality control, prediction planning, and predictive maintenance, all of which affect the running of the business.

AI technologies are used in three ways. The first is in operation, which pertains to the upstream, midstream, and downstream. Upstream deals with the exploration and production sector. Midstream is when the transportation of crude or refined petroleum products takes place. Downstream is the process of refining, processing, and purifying crude oil and natural gas.

The second is service type defined by professional services and managed services. The third is geography, which is segmented into five continent-based areas of the world.

Use of AI In Safety

AI works to optimize operations during the upstream, midstream, and downstream functions. Defects may arise in the pipeline or in the mechanisms used to explore for oil and produce it. Using AI will detect any defects in the machinery or pipeline used to explore, produce, transport, refine and process crude oil and natural gas, enabling the rectification of any identified error. This will save costs and prevent extensive damage that may otherwise have occurred.

AI in the oil and gas industry promotes high safety and security standards. Oil and gas are highly dangerous because of the fuels’ flammability and the production of toxic fumes. AI systems can monitor toxicity levels and leaks and send an alert to rectify the flagged issues.

Another safety hazard in the industry is the change of temperature. Environmental conditions can cause changes in the safety of the storage and transportation of crude oil and natural gas. Early detection is key to make the necessary corrections to avert disaster quickly. AI can automatically adjust heating and cooling systems so that the product remains safe throughout the changing seasons of the year. AI will also help alert the maintenance crew when maintenance is needed on various machinery used to process and transport the crude oil.

AI In Business Optimization

AI aids businesses to predict downtimes, for example, when machinery is being maintained. The business can make arrangements to get alternative equipment, thus preventing loss of income because of better planning.

With proper maintenance, the life of the machinery is lengthened, which results in long-term cost savings.

Data is used in the oil industry to derive information on various plants and assist geoscientists in making strategic decisions. For example, if there is a need to move an exploration plant to another site. AI can quickly process large amounts of data, enabling real-time decision-making that improves overall business operations, leading to efficiency, fewer risks, and damage, which is costly, and cost savings based on improved business processes.

AI-based technologies can also increase the rate of exploration, which is a time-consuming and capital-intensive venture. AI can interpret the geology, geophysics and oil reservoir of a geographical location so that exploration is more precise, thus eliminating the need to spend more money on a hit-and-miss scenario.

AI in Quality Assurance

Artificial Intelligence in the oil and gas industry is great for quality assurance. The industry is highly dynamic, and the risk factors are high. AI-based technologies are designed for seamless applications and limitless uses. This increases the quality of the entire process from the beginning point of exploration to the endpoint of purification and processing crude oil and natural gas. This is done by early detection of any existing or potential risks to be corrected immediately.

Archives, Global Trade Daily, International Trade, Stories

Civil War in Syria: How Conflict Erodes Trade

October 21st, 2019 Alice Calder Leave a comment

Syria has a turbulent history. Numerous nations, factions and leaders have wrestled for control of the country at turns over the last 100 years. The present conflict, a civil war raging for eight years now, has drastically affected Syria’s trade by destroying infrastructure, displacing its productive workforce, and weakening business confidence in the region. The World Bank estimates the current conflict has produced a cumulative loss in Syria’s GDP at $226 billion as of 2017, an amount equal to four times Syria’s GDP in 2010.

Syrian Trade Throughout History

The region now called Syria was home to one of the most ancient civilizations on earth. Evidence of early trade relations dates as far back as 10,000 BC. Many of the greatest human achievements had their origins in the area known as the Cradle of Civilization. Its location on the Silk Road enriched Syria with wealth and strategic importance during the Roman Empire.

Throughout the 20th century, Syria experienced French control, uprisings, nationalization, regional wars, and conflict among rival factions. The economic outlook for Syria seemed to be improving in the 1990s and early 2000s. The World Bank considered it a fast-growing, lower-middle-income country. Syria’s main exports were crude and refined oil and information and communications technologies. Syria also enjoyed a healthy travel and tourism industry.

Impacts of the Civil War

The civil war has either eliminated or drastically reduced all of Syria’s main trading industries, exacerbating the suffering for Syrian civilians. In 2010, exports totaled around $19 billion. By 2016, they had fallen to $555 million. Syria’s ranking as a global exporter fell from 88th in 2011 to 141st in 2015.

Sanctions, Destruction and Displacement

A consequence of the conflict, Syria is subject to numerous sanctions by the United States, Canada, European Union, Arab League and Turkey. These include embargoes on investment, blocks on trade in key industries such as oil, financial services and precious metals, and the freezing of assets. The aim of such sanctions is to pressure Syrian leaders to end the conflict, but average Syrians also suffer the economic fallout.

As in any war, destruction is rampant. Mortar fire and airstrikes have damaged and demolished key infrastructure for trade. Bridges, grain silos, roads and other economically significant assets are strategic targets for both sides. Access to fuel and electricity is limited, denying Syrian businesses the productive factors necessary to produce goods to trade as well as the means to transport them. Schools, food sources and medical buildings have also been targeted. As of 2017, seven percent of housing stock has been destroyed, and 20 percent damaged. Trade necessarily takes a back seat when citizens struggle to have their basic physical needs met.

Given the dire circumstances, over half the country’s pre-war population has been displaced either internally or externally. According to recent estimates, over five million refugees have fled Syria. It’s a human tragedy with immediate and long-term implications. As the workforce collapses, goods are no longer able to be produced, and trade grinds to a halt.

Distrust, Uncertainty and Disassociation

Businesses are wary to engage in nations experiencing conflict. The Syrian Civil War is complex and associated with a corrupt regime causing suffering for its citizens. International sanctions create a legally uncertain environment. Even if it is possible to engage in trade with Syrian firms, there is no guarantee that in a month or a year it will still be possible — new sanctions may be imposed or the factory producing the goods could be targeted. These risks substantially raise the cost of engaging in trade with Syria.

Adding to Syria’s economic woes is the curtailment of economic development assistance. The World Bank Group ceased all Bank operational activity with Syria at the onset of the war. Previously it provided technical assistance and advisory services on private sector development, human development, social protection and environmental sustainability. Although not directly related to trade, much of this support helps local businesses and the economic health of communities.

Why Trade Matters for Syria

Any kind of conflict can have negative effects on trade, directly by destroying factors of production and dislocating people, and indirectly by causing uncertainty and breaks in connectivity with global supply chains. Reduced trade invariably damages the economy, causing individual suffering which can foment more unrest. Nations become trapped in a vicious cycle.

This seems undoubtedly to be the case in Syria, where the destruction of trade has meant economic suffering that aggravates the humanitarian crisis. The longer conflict persists, the deeper the separation from global society, and the harder it will be to rebuild the economic mechanisms and institutions necessary to increase trade and encourage economic growth.

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Alice Calder is a graduate research assistant at George Mason University, currently pursuing her MA in Applied Economics. Originally from the UK, where she received her BA in Philosophy and Political Economy from the University of Exeter, living and working internationally sparked her interest in trade issues as well as the intersection of economics and culture.

This article originally appeared on TradeVistas.org. Republished with permission.