Oil and Gas Products HS Codes for Import and Export

Oil and Gas: Essential Commodities Driving the Global Energy Market

Oil and gas are natural resources that play a vital role in the global market. Oil, also known as petroleum, is a liquid fossil fuel primarily used for energy production and as a raw material in various industries. Gas, including natural gas and liquefied petroleum gas (LPG), is a gaseous fossil fuel used for heating, cooking, and power generation.

The oil trade involves the buying and selling of oil, while oil export refers to the sale of oil to other countries, and oil import refers to the purchase of oil from other nations. Similarly, the gas trade involves the international exchange of gas, including gas export and import. These commodities have significant economic importance, as they fuel industries, power transportation, and contribute to the global energy supply.

Oil and Gas Trade PCI Ranking

The Product Complexity Index (PCI) places mineral fuels, mineral oils, and products of their distillation at position 96.

Facilities Required to Enter Oil and Gas Market

• Exploration and Production Infrastructure:

Access to oil and gas fields, drilling rigs, and extraction technologies for efficient production.

• Refining and Processing Facilities:

Refineries and processing plants to convert crude oil into various petroleum products, such as gasoline, diesel, and jet fuel.

• Transportation and Distribution Networks:

Pipelines, tankers, and storage facilities to transport and distribute oil and gas products to different regions and markets.

• Regulatory Compliance:

Adherence to regulatory frameworks and safety standards governing the oil and gas industry, including environmental regulations and licensing requirements.

• Market Intelligence and Trading Capabilities:

Knowledge of market dynamics, pricing mechanisms, and trading strategies to navigate the volatile nature of the oil and gas market.

• Investment and Financial Resources:

Adequate capital for exploration, production, infrastructure development, and ongoing operational costs.

• Skilled Workforce:

Access to qualified professionals with expertise in geology, engineering, operations, and management to effectively run oil and gas operations.

Oil and Gas Trade Tariffs 

According to the HS2 product categorization, the average tariff in 2018 for mineral fuels, mineral oils, and products of their distillation was 3.67%, ranking it as the 88th lowest tariff.

Oil and Gas Products

• Crude Oil: Unrefined petroleum extracted from the ground, which serves as the primary raw material for the production of various petroleum products.
• Natural Gas: A gaseous fossil fuel consisting primarily of methane, used for heating, electricity generation, and as a fuel for vehicles.
• Gasoline (Petrol): Refined petroleum product used as fuel for internal combustion engines in vehicles.
• Diesel: Refined petroleum product used as fuel for diesel engines in vehicles, trucks, and heavy machinery.
• Jet Fuel: Specialized refined petroleum product used as aviation fuel for aircraft.
• Liquefied Petroleum Gas (LPG): A mixture of hydrocarbon gases, including propane and butane, used as fuel in heating, cooking, and as a fuel for vehicles.
• Lubricants: Specialized oils used to reduce friction and provide lubrication in engines, machinery, and industrial equipment.
• Petrochemicals: Chemical compounds derived from petroleum, used as raw materials in the manufacturing of various products, including plastics, rubber, and synthetic fibers.
• Bitumen: A sticky, black, and highly viscous form of petroleum, used primarily in road construction and waterproofing applications.
• Natural Gas Liquids (NGLs): Hydrocarbons extracted from natural gas, including ethane, propane, butane, and pentane, used as feedstock for petrochemical production and as fuel.