Oils; petroleum oils and oils obtained from bituminous minerals, crude

HS code 270900 covers the import and export of crude petroleum oils and oils obtained from bituminous minerals. This industry is a critical component of the global energy sector, providing the raw materials necessary for the production of a wide range of fuels, lubricants, and petrochemicals. Crude oil is a vital resource that underpins economic activity worldwide, making the trade in 270900 goods a key driver of international commerce.

The production of crude oils classified under HS code 270900 typically involves the extraction of hydrocarbons from underground reservoirs. This is commonly achieved through the use of drilling rigs and pumping systems that bring the crude oil to the surface. The extracted crude oil is then transported, often via pipelines or tankers, to refineries where it undergoes further processing to separate the various hydrocarbon components.

The main inputs required for the production of crude oils under HS code 270900 include the geological formations containing the hydrocarbon deposits, as well as the specialized equipment and infrastructure necessary for exploration, extraction, and transportation. This includes drilling rigs, pumps, pipelines, storage facilities, and transportation vessels such as tankers and barges.

The primary outputs of the crude oil industry covered by HS code 270900 are the various refined petroleum products, including 271000 Petroleum oils and oils obtained from bituminous minerals, other than crude; preparations n.e.c., containing by weight 70% or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations; waste oils, 271600 Electrical energy, and 290110 Hydrocarbons, acyclic. These refined products are then consumed by a wide range of industries, including transportation, manufacturing, and power generation.