An oil importer is a person or company that brings crude oil into a country for processing, refining, and eventual sale in the form of various petroleum products. Oil importers can work in the country of origin, as well as a destination country. These businesses are part of the global oil industry that keeps oil moving to locations where it is needed at the optimal prices.
The United States, Japan, China, Germany, and South Korea are among the top importers of oil worldwide. Oil importers in these nations work with producers of oil to purchase crude oil of varying grades, depending on current market demands. The highest grades of crude can be quite costly, as they tend to be consistently and heavily needed to keep up sufficient refinery production. The importer negotiates with a company that has oil to sell and finds domestic buyers for the product to ensure that imports have a destination once they reach the country.
An oil importer is involved in selecting oil for purchase, arranging for transport, and domestic movements of oil within a country to get it to a buyer. Once the oil is delivered to a refinery or storage facility, it is the buyer's responsibility to handle the crude from there. The oil is processed to yield a variety of products to meet demand for everything from gasoline to bunker fuel.
Major exporters of oil include Saudi Arabia, Russia, Norway, Iran, and Venezuela. Importers typically establish branch offices in these nations or develop relationships with companies in these nations to facilitate trade of oil. Having contacts and connections in the industry provides an oil importer with opportunities that might not be available to smaller and lower level importers.
An oil importer must be sensitive to market pressures that could influence the price of oil, as well as issues such as oil spills, refinery fires, and other events that could interfere with oil supplies. Importers are also aware of how demand fluctuates so they can act quickly to take advantage of changing situations and circumstances.
Nations that import oil may also export it, selling oil from their own wells to nations that have a demand for crude of that particular grade. Globally, oil moves along pipelines and tankers from origins to destinations across varying terrain and environmental conditions. An oil importer must be alert to events all over the world because the interconnected nature of the oil industry allows events in one nation to influence conditions in another.
