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Crude Oil Exports And Imports

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        <p>In January 2010, the prices for <strong>Crude oil</strong> and
gasoline fell. <strong>Crude oil</strong> was sold at $77.74 per barrel.
China has become the world's largest 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 consume nearly
2.1 million barrels to 20.7 million barrels per day. Those counties,
which are not into oil production or those, which are unable to meet the
domestic needs require <strong>Crude oil imports</strong>. The oil demand
in future is likely to increase due to the transportation sector and
numerous other industries. <br><br> In the year 2009, the percentage of
<strong>Crude oil</strong> imports played a significant role as the
United States of America imported 91.2% of <strong>Crude oil</strong>
from 15 major <strong>Crude oil</strong> exporting countries. To name a
few, they are Algeria, Angola, Kuwait, United Kingdom, Russia, Saudi
Arabia, Iraq, and Brazil. No tariff duties are levied by the U.S on the
<strong>Crude oil imports</strong> from Columbia, Mexico and Canada and
counties that have signed an agreement with U.S. The cutback led to
recession and lower <strong>Crude oil</strong> prices. There are major
fluctuations in the demand and supply of <strong>Crude oil</strong>. The
major oil producing countries like Saudi Arabia did not earn much revenue
last year and the profits were just marginal when compared to its profits
from <strong>Crude oil exports</strong> in the previous years. <br><br>
Just the way, the price of other commodities gets influenced by a lot of
factors with regards to demand and supply; oil prices too are also
influenced and result in major swings and fluctuation in prices. When
demand for <strong>Crude oil</strong> exceeds the production capacity of
major oil producing countries such as Saudi Arabia, Nigeria, Venezuela,
Iran and Kuwait, there is a rise in the price of the <strong>Crude
oil</strong>. The end users face difficulty due to the increase in the
price. <br><br> Digging oil wells, extracting oil from the earth's
surface and refining it involves huge investment and the oil refineries
implement new technologies and use advanced techniques and machines to
meet the growing demand for <strong>Crude oil</strong>, which is not
quite possible if the price is not increased. Meanwhile other industries
and individual consumers cut back on the oil consumption leading to a
slight change in the percentage of <strong>Crude oil imports</strong> and
<strong>Crude oil exports</strong>. With the increase in price, the oil
industries will implement new techniques and increase the productivity
level of oil, which will slowly restore the demand supply balance.
<br><br> Organization of the Petroleum Exporting Countries (OPEC) ensures
a fair return on investments for the investors in the petroleum industry
and regular income for the oil producers. It also regulates and controls
the oil markets thus ensuring that consumers are supplied with petroleum
and by-products on a regular basis. OPEC member countries manage half of
the world's <strong>Crude oil exports</strong> and most of the oil
reserves belong to them. <br><br> For more information and details of How
and Why to Invest in Oil, safe Investments through Oil ETFs, Crude Oil
Prices, Oil Price trends, Extraction of Oil, <a rel="nofollow"
onclick="javascript:_gaq.push(['_trackPageview',
'/outgoing/article_exit_link/2051805']);"
href="http://www.oilprices.org/export-import-crude-oil.html">Crude Oil
Exports</a> and more do visit our site - http://www.oilprices.org/</p>
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