The data illustrates the volume of crude oil that is imported or exported by seaborne transportation from 2010 through 2017. Globally, some two billion metric tons of crude oil was transported via waterways in 2017.
Seaborne oil trade
Oil is the fuel that keeps the global economy running. Worldwide production of crude oil rose from a little over 63 million barrels per day in 1988 to about 92.6 million barrels daily in 2017. Crude oil prices increased dramatically over this period. The spot price of West Texas Intermediate (WTI) jumped from around 14 USD per barrel in 1988 to almost 100 USD per barrel in 2018, when there was virtually no spread between WTI and UK Brent.
