Global Trade Pattern of Crude Oil and Petroleum Products: Analysis Based on Complex Network

Abstract

Crude oil and petroleum products are important in the economic development. They are widely traded all over the world. It has great significance for policy makers to quantitatively understand the global pattern of the international trade of crude oil and petroleum products. This study uses complex network method to analyse the global pattern of international trade of crude oil and petroleum products. The average trade volumes, the network connectivity, the network partition and major countries in the communities are analysed to reveal the global pattern of the two types of networks. The findings are: (1) The connectivity of the network of petroleum products is higher than the connectivity of the network of crude oil and the partition of the network of petroleum products is greater than that of the network of crude oil. (2) The financial crisis in 2008 had obvious impact; however, the impact has opposite effects on the global trade pattern of crude oil and petroleum products. (3) The geographical factor is becoming more obvious in the trade pattern of crude oil, but not so obvious in the trade pattern of petroleum products.