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Oil Trading Market Size, Share and Forecast 2026-2036

The global oil trading market is worth USD 23.1 bn in 2026 and is forecast to reach USD 28.1 bn by 2036, growing at a 2.0% CAGR. China is the largest country market and Crude oil is the largest by product segment.

USD 23.1 bnMarket size 2026
USD 28.1 bnForecast 2036
2.0%CAGR 2026-2036
ChinaLargest country

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5 segmentation views25 countries2026 to 2036 yearly forecast

Market overview

The global oil trading market is worth USD 23.1 bn in 2026 and is forecast to reach USD 28.1 bn by 2036, growing at a 2.0% CAGR. China is the largest country market and Crude oil is the largest by product segment.

ScopeGross margins and fees earned by oil trading houses and brokers on physical crude oil and refined product trades.
IndustryOil and Gas
Value 2025USD 22.5 bn
Value 2026USD 23.1 bn
Value 2036USD 28.1 bn
CAGR 2026-20362.0%
Volume 20269,179 million barrels
Volume 203610,645 million barrels
Average price 2026USD 2.51 per barrel
Report priceStarts from USD 1,999
PublishedNovember 2026

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Oil Trading market size and forecast, 2026-2036

Exhibit 1The global oil trading market is forecast to grow from USD 23.1 bn in 2026 to USD 28.1 bn by 2036, a rise of 22%Global market value in USD: 2025 base year, 2026 estimate and forecast to 2036. CAGR 2026 to 2036: 2.0%
Oil Trading market value, 2025 to 2036Market value by year. 2025: USD 22.5 bn; 2026: USD 23.1 bn; 2027: USD 23.5 bn; 2028: USD 24.0 bn; 2029: USD 24.5 bn; 2030: USD 25.0 bn; 2031: USD 25.5 bn; 2032: USD 26.0 bn; 2033: USD 26.5 bn; 2034: USD 27.0 bn; 2035: USD 27.6 bn; 2036: USD 28.1 bn. Compound annual growth rate 2026 to 2036: 2.0%.202523.1 bn202625.5 bn203128.1 bn20362.0% CAGR

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

YearMarket value
2026USD 23.1 bn
2027USD 23.5 bn
2028USD 24.0 bn
2029USD 24.5 bn
2030USD 25.0 bn
2031USD 25.5 bn
2032USD 26.0 bn
2033USD 26.5 bn
2034USD 27.0 bn
2035USD 27.6 bn
2036USD 28.1 bn

Oil Trading market segmentation

By product

Exhibit 2Crude oil is the largest segment by product, with 58.0% of 2026 revenueEstimated share of 2026 global revenue, by product
Oil Trading market share by product, 2026Share of 2026 revenue by product. Crude oil: 58.0%; Diesel and jet fuel: 20.0%; Gasoline and naphtha: 12.0%; Fuel oil and other: 10.0%.Crude oil58.0%Diesel and jet fuel20.0%Gasoline and naphtha12.0%Fuel oil and other10.0%

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Crude oil58.0%56.8%USD 13.4 bn1.8%
Gasoline and naphtha12.0%12.3%USD 2.8 bn2.3%
Diesel and jet fuel20.0%21.6%USD 4.6 bn2.8%
Fuel oil and other10.0%9.3%USD 2.3 bn1.3%

By trader type

Exhibit 3Independent trading houses adds the most revenue by trader type, growing from USD 11.1 bn in 2026 to USD 13.4 bn by 2036Estimated revenue in USD by trader type, 2026 and 2036 forecast
Oil Trading market by trader type, 2026 and 2036Revenue by trader type in 2026 and 2036. Independent trading houses: USD 11.1 bn in 2026, USD 13.4 bn in 2036, change +21%; National oil company trading arms: USD 5.5 bn in 2026, USD 7.0 bn in 2036, change +27%; Oil majors trading desks: USD 4.6 bn in 2026, USD 5.3 bn in 2036, change +15%; Banks and brokers: USD 1.8 bn in 2026, USD 2.5 bn in 2036, change +33%.20262036 forecastChangeIndependent trading houses+21%11.1 bn13.4 bnNational oil company trading arms+27%5.5 bn7.0 bnOil majors trading desks+15%4.6 bn5.3 bnBanks and brokers+33%1.8 bn2.5 bn

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Independent trading houses48.0%47.5%USD 11.1 bn1.9%
National oil company trading arms24.0%24.9%USD 5.5 bn2.4%
Oil majors trading desks20.0%18.8%USD 4.6 bn1.4%
Banks and brokers8.0%8.7%USD 1.8 bn2.9%

By trading venue

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Over-the-counter physical deals46.0%41.1%USD 10.6 bn0.9%
Term contract supply28.0%29.1%USD 6.5 bn2.4%
Exchange-linked and futures-hedged17.0%20.5%USD 3.9 bn3.9%
Spot cargo auctions9.0%9.3%USD 2.1 bn2.3%

By trade route

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Middle East to Asia30.0%30.1%USD 6.9 bn2.0%
Atlantic basin26.0%22.4%USD 6.0 bn0.5%
Intra-Asia22.0%25.6%USD 5.1 bn3.6%
Russia and CIS flows12.0%10.3%USD 2.8 bn0.5%
Africa and Latin America exports10.0%11.6%USD 2.3 bn3.5%

By service

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Physical trading margin58.0%52.1%USD 13.4 bn0.9%
Brokerage and agency fees17.0%17.7%USD 3.9 bn2.4%
Freight and shipping optimisation14.0%16.9%USD 3.2 bn3.9%
Risk management and structuring11.0%13.3%USD 2.5 bn4.0%

Top 25 countries for oil trading by revenue

Countries are ranked by revenue earned from sales in the country, not by where the product is made. The ten largest hold 79.0% of 2026 revenue and the 25 countries below together hold 94.1%.

Exhibit 4China is the largest country market at USD 4.6 bn in 2026, and the three largest countries hold 43.0% of global revenueEstimated 2026 revenue in USD and share of the global market, ten largest countries
Oil Trading market, ten largest countries in 2026Ten largest countries by 2026 revenue. China: USD 4.6 bn, 20.0%; United States: USD 3.2 bn, 14.0%; India: USD 2.1 bn, 9.0%; Singapore: USD 1.8 bn, 8.0%; Netherlands: USD 1.6 bn, 7.0%; Japan: USD 1.2 bn, 5.0%; South Korea: USD 1.2 bn, 5.0%; United Arab Emirates: USD 922 mn, 4.0%; Germany: USD 807 mn, 3.5%; United Kingdom: USD 807 mn, 3.5%.China4.6 bn 20.0%United States3.2 bn 14.0%India2.1 bn 9.0%Singapore1.8 bn 8.0%Netherlands1.6 bn 7.0%Japan1.2 bn 5.0%South Korea1.2 bn 5.0%United Arab Emirates922 mn 4.0%Germany807 mn 3.5%United Kingdom807 mn 3.5%

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

#CountryValue 2026Share 2026Value 2036CAGR 2026-36
1ChinaUSD 4.6 bn20.0%USD 5.9 bn2.5%
2United StatesUSD 3.2 bn14.0%USD 3.7 bn1.5%
3IndiaUSD 2.1 bn9.0%USD 3.1 bn4.0%
4SingaporeUSD 1.8 bn8.0%USD 2.4 bn2.5%
5NetherlandsUSD 1.6 bn7.0%USD 1.8 bn0.9%
6JapanUSD 1.2 bn5.0%USD 1.2 bn0.5%
7South KoreaUSD 1.2 bn5.0%USD 1.3 bn0.9%
8United Arab EmiratesUSD 922 mn4.0%USD 1.2 bn2.5%
9GermanyUSD 807 mn3.5%USD 900 mn1.1%
10United KingdomUSD 807 mn3.5%USD 900 mn1.1%
11FranceUSD 586 mn2.5%USD 708 mn1.9%
12SwitzerlandUSD 401 mn1.7%USD 484 mn1.9%
13RussiaUSD 321 mn1.4%USD 388 mn1.9%
14CanadaUSD 274 mn1.2%USD 332 mn1.9%
15BrazilUSD 242 mn1.1%USD 292 mn1.9%
16ItalyUSD 219 mn0.9%USD 264 mn1.9%
17SpainUSD 201 mn0.9%USD 242 mn1.9%
18MalaysiaUSD 187 mn0.8%USD 225 mn1.9%
19ThailandUSD 175 mn0.8%USD 211 mn1.9%
20TurkeyUSD 166 mn0.7%USD 200 mn1.9%
21Saudi ArabiaUSD 157 mn0.7%USD 188 mn1.9%
22NigeriaUSD 150 mn0.7%USD 180 mn1.8%
23MexicoUSD 143 mn0.6%USD 174 mn2.0%
24AustraliaUSD 138 mn0.6%USD 166 mn1.8%
25IndonesiaUSD 131 mn0.6%USD 171 mn2.7%
Rest of worldUSD 1.4 bn5.9%USD 1.6 bn1.8%
Exhibit 5China and India account for 45% of the USD 5.1 bn the market is forecast to add by 2036Forecast revenue added between 2026 and 2036 by country, in USD
Oil Trading market, where the growth to 2036 comes fromRevenue added between 2026 and 2036. Market value 2026: USD 23.1 bn. China: +USD 1.3 bn; India: +USD 989 mn; Singapore: +USD 516 mn; United States: +USD 510 mn; United Arab Emirates: +USD 258 mn; 20 other countries: +USD 1.2 bn; Rest of world: +USD 271 mn. Market value 2036: USD 28.1 bn.China+1.3 bnIndia+989 mnSingapore+516 mnUnited States+510 mnUnited Arab Emirates+258 mn20 other countries+1.2 bnRest of world+271 mn

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

Competitive landscape

Group 1: Global leaders

  • Vitol
  • Trafigura
  • Glencore
  • Gunvor
  • Mercuria

Group 2: Regional and specialist players

  • Freepoint Commodities
  • Castleton Commodities
  • Hartree Partners
  • Litasco
  • Unipec
  • Aramco Trading
  • Mabanaft

Group 3: Emerging and niche players

  • Sahara Energy
  • Gulf Petrochem
  • MFT Energy

Research methodology

Every figure on this page comes from the research framework that we apply to all of the markets we cover. The 2025 base for the oil trading market is built from the volume sold and the price that buyers pay, and is cross-checked against the size of the wider industry the market belongs to. Where a market can be sized in more than one way, the routes are compared before a figure is set.

The forecast runs year by year from the 2025 base to 2036. Growth in each year reflects demand from the industries that buy the product, adoption of new technology, pricing, regulation and replacement cycles. Volume and price are modelled together, so revenue in each year equals volume multiplied by average price. The 2026 to 2036 compound annual growth rate of 2.0% is calculated from the resulting values.

The market is divided by product, by trader type, by trading venue, by trade route, by service. The 25 largest countries are ranked by revenue earned from sales to buyers in each country, not by where the product is made. Segment values and country values add up to the market total in every year, and every report is checked for consistency before it is published.

Companies are placed in three groups: global leaders, regional and specialist players, and emerging and niche players. The groups describe how companies compete in the market. They are not a ranking and they are not market shares.

Our analysts also carry out primary research. Customized reports add interviews with key opinion leaders, such as senior executives, technical specialists and buyers, to test the assumptions behind the numbers for the question being asked.

Read the full research methodology

Frequently asked questions

How big is the oil trading market?

The global oil trading market is estimated at USD 22.5 bn in 2025 and USD 23.1 bn in 2026.

How fast will the oil trading market grow?

It is forecast to reach USD 28.1 bn by 2036, a compound annual growth rate of 2.0% from 2026, an increase of USD 5.1 bn.

Which country is the largest market for oil trading?

China is the largest market by revenue at USD 4.6 bn in 2026, 20.0% of the global total. The three largest countries together hold 43.0%.

Which country is growing fastest?

Among the ten largest markets, India is growing fastest at 4.0% a year from 2026 to 2036.

Which oil trading segment is largest?

In the by product split, Crude oil is the largest segment with 58.0% of 2026 revenue.

Who are the leading oil trading companies?

Global leaders include Vitol, Trafigura, Glencore, Gunvor.

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