How to Find Genuine Crude Oil Buyers Online: Verify First

Most sellers start by hunting for crude oil buyers. The professionals start by building a wall. The global crude market is saturated with fraudulent mandates, soft probes, and financial instrument theater designed to harvest data or lock up cargoes without funding. Chasing lead volume without a verification framework produces a pipeline of non-performing counterparties rather than executable deals.

You will learn how to map the actual procurement authority across integrated majors, independent refiners, National Oil Companies, and sovereign fund vehicles. You will see the specific OSINT stack, Kpler, Vortexa, Refinitiv Eikon, Bloomberg Terminal, GLEIF, and OpenCorporates, used to confirm legal identity, credit capacity, and physical lift history. Finally, you will get a 12-point protocol with required documents, independent verification methods, disqualifying red flags, and realistic turnaround times for every stage from KYC to banking instrument authentication.

The Verification-First Mindset: Why Finding Buyers Is the Wrong Starting Point

Verification must precede buyer search because the crude oil market is saturated with fraudulent mandates, soft probes, and financial instrument theater that waste seller resources and expose counterparties to sanctions risk. Lead generation without a verification framework produces a pipeline of non-performing counterparties rather than executable deals. The cost of a single failed transaction, legal fees, inspection costs, demurrage exposure, and reputational damage, routinely exceeds the budget for comprehensive due diligence by an order of magnitude. Shifting from lead volume to counterparty quality means treating due diligence as the primary product and the buyer list as a byproduct of that discipline. China's crude oil imports from Russia averaged 2.2 million b/d in 2024 according to U.S. EIA, illustrating the scale of state-backed flows that operate on verified relationships not open solicitations.

Cost of failed deals vs. cost of due diligence

Sellers who skip verification to save upfront expense absorb the full downside of a defaulted SBLC or a vessel that never nominates. The economics are asymmetric: verification is a known fixed cost while a failed deal is an open-ended liability with no recovery path against shell-company mandates.

How Tier-1 trading houses structure mandate intake

Major trading houses operate a three-tier intake filter. Tier one is automated sanctions and PEP screening against OFAC, EU, UN, and UK lists. Tier two requires a notarized corporate resolution, audited financials, refinery offtake agreements, and a bank comfort letter referencing the specific cargo. Tier three is a face-to-face or video compliance interview with the buyer's treasury and legal principals. Only mandates clearing all three tiers receive a term sheet. This structure eliminates soft probes, intermediary chains without principal authority, and buyers lacking letter-of-credit issuance capacity before commercial resources are committed.

Shifting from lead volume to counterparty quality

Quality counterparty pipelines are built by mapping the actual procurement authority: refinery crude buyers, NOC trading arms, and sovereign fund investment vehicles. Each entity type has a distinct decision chain, documentation standard, and banking corridor. Sellers who target these principals directly, using trade data, customs records, and vessel tracking, reduce intermediary layers and increase the probability of a verifiable mandate. The metric shifts from number of NCNDAs signed to number of bank-comfort letters received. That shift alone filters out the majority of mandate fraud before it reaches the contract stage.

Who Actually Buys Crude Oil: Refiners, NOCs, Traders, and Sovereign Funds

The legitimate crude oil buyer universe consists of four principal categories: integrated majors with captive refining systems, independent refiners purchasing on term and spot, National Oil Companies executing sovereign procurement mandates, and Tier-1 trading houses acting as principals for their own supply chains. Each category operates with distinct procurement authority, documentation standards, and banking corridors. Intermediaries, brokers, and mandate holders derive authority only from these principals. Understanding where the actual purchase decision sits, and which entity issues the ICPO, opens the letter of credit, and nominates the vessel, prevents sellers from negotiating with unauthorized representatives. China's crude oil imports from Saudi Arabia averaged 1.6 million b/d in 2024 according to U.S. EIA, reflecting the volume NOCs and state refiners move through verified government-to-government and term contract channels.

Integrated majors and independent refiners procurement desks

Integrated majors such as ExxonMobil, Shell, BP, TotalEnergies, and Chevron operate centralized crude procurement desks that manage global supply optimization across their refining networks. These desks issue term contracts with formula pricing linked to benchmarks like Brent, Dubai, or WTI and require sellers to pass vendor qualification including HSE audits, financial strength tests, and sanctions compliance certification. Independent refiners, including PBF Energy, Valero, Marathon Petroleum, and Asian players like Hengli, Rongsheng, and Zhejiang Petroleum, run leaner procurement teams but follow similar ICPO, SBLC, and inspection protocols. Both categories transact in cargo sizes of 500,000 to 2 million barrels and settle via documentary letters of credit or open account with approved counterparties.

National Oil Companies (NOCs) and sovereign wealth fund vehicles

NOCs such as Saudi Aramco, ADNOC, KNPC, Sonatrach, NNPC, Petrobras, and CNPC subsidiaries execute crude purchases under sovereign mandate, often tied to domestic refining allocations or strategic reserve building. Their procurement follows government procurement law, requiring ministerial approval, sovereign guarantee letters, and central bank payment channels. Sovereign wealth fund vehicles, including Mubadala, ADIA, GIC, and CIC, occasionally take equity positions in cargoes or terminal infrastructure but rarely buy spot crude directly. NOC mandates are characterized by longer lead times, strict documentation chains, and payment through state-owned banks with limited confirmation lines in Western jurisdictions.

Tier-1 trading houses: Vitol, Glencore, Trafigura, Gunvor, Mercuria

The five largest independent trading houses act as principals, not agents, using their own balance sheets to purchase, hedge, transport, and sell crude. Their procurement desks operate 24/7 with direct terminal access, dedicated inspection teams, and confirmed credit lines at major commodity banks. A mandate from Vitol, Glencore, Trafigura, Gunvor, or Mercuria carries the weight of the house's own credit rating and compliance infrastructure. These houses rarely issue mandates to unknown intermediaries; they source directly from producers, NOCs, and other traders through established counterparty networks. Verification of a trading house mandate focuses on confirming the specific trader's authority, the house's compliance sign-off, and the banking instrument structure.

Digital Intelligence Gathering: OSINT Tools and Paid Databases to Build a Target List

Professional crude oil procurement teams rely on a layered intelligence stack that combines real-time vessel tracking with deep corporate financials and legal entity verification. The goal is to move from a name on a mandate letter to a confirmed counterparty profile that includes beneficial ownership, credit capacity, and sanctions exposure before any commercial terms are discussed.

Kpler and Vortexa for vessel tracking and cargo ownership

Kpler and Vortexa provide the foundational layer of physical market intelligence by mapping vessel movements, cargo grades, and load or discharge ports in near real time. Kpler covers over 20,000 vessels and integrates satellite AIS with port agent reports to show which entity chartered a VLCC, the crude grade loaded, and the destination refinery. Vortexa adds proprietary flow algorithms that estimate cargo ownership changes during transit, flagging ship-to-ship transfers that often obscure the ultimate buyer. Both platforms allow users to set alerts for specific counterparties, grades such as Bonny Light or WTI Midland, and geographic zones. Subscription costs range from 3,000 to 8,000 USD per month per seat depending on module depth. Analysts typically cross-reference a buyer's claimed lift history against these platforms to confirm the volume, frequency, and terminals they actually use.

Refinitiv Eikon and Bloomberg Terminal for counterparty financials

Refinitiv Eikon and Bloomberg Terminal deliver the credit and financial layer needed to assess a buyer's capacity to pay. Eikon's counterparty risk module aggregates credit default swap spreads, bond yields, and sector-specific news for major refiners and trading houses. Bloomberg's CRPR function provides similar metrics plus access to filed financial statements for listed entities and private company estimates. Both terminals include commodity-specific curves, freight benchmarks, and bank confirmation line data that reveal which institutions back a buyer's letters of credit. A typical workflow pulls the buyer's legal entity identifier into the terminal, screens for litigation, sanctions hits, and payment defaults, then exports the profile for the compliance file. Terminal access runs 2,000 to 2,500 USD per month per user and is standard issue on institutional trade desks.

Corporate registry searches: OpenCorporates, GLEIF LEI, national registries

Legal entity verification starts with the Global Legal Entity Identifier Foundation (GLEIF) database where every LEI record shows the registered address, ownership hierarchy, and registration authority. OpenCorporates aggregates over 200 million company records from national registries worldwide and allows API-based batch screening of beneficial owners down to the natural person level. For jurisdictions with opaque registries, professionals supplement with local ministry of commerce extracts, chamber of commerce certificates, and notary-attested shareholder registers. The critical step is matching the entity on the mandate letter to the LEI record, confirming the authorized signatory appears in the filing, and checking for recent changes in directors or shareholders that could signal a shell structure. These searches are low cost but high value and should be completed before any NCNDA is signed.

Platform	Primary Data Layer	Key Feature for Crude Verification	Typical Monthly Cost (USD)	Access Model
Kpler	Vessel tracking and cargo flows	Ship-to-ship transfer detection, charterer identification	3,000 to 8,000	Subscription per seat
Vortexa	Vessel tracking and cargo flows	Proprietary flow algorithms, ownership change estimates	3,000 to 8,000	Subscription per seat
Refinitiv Eikon	Counterparty financials and credit	CDS spreads, bond yields, bank confirmation data	2,000 to 2,500	Terminal per user
Bloomberg Terminal	Counterparty financials and credit	CRPR function, commodity curves, private company estimates	2,000 to 2,500	Terminal per user
GLEIF LEI Search	Legal entity identity	Global unique identifier, ownership hierarchy, free access	Free	Public web and API
OpenCorporates	Corporate registry aggregation	Beneficial ownership chains, multi-jurisdiction coverage	Free to 500 API	Web and API tiers

The table above maps each platform to its primary intelligence layer and the specific crude oil verification task it solves. Vessel tracking platforms confirm physical lift history and terminal access. Financial terminals quantify credit capacity and banking relationships. Registry tools validate legal existence and beneficial ownership. A robust target list builds from the bottom up: start with registry confirmation, layer financial capacity, then verify physical activity through cargo tracking. Budget for at least one vessel tracking terminal and one financial terminal on the deal team; registry searches can be run in-house at minimal cost.

The 12-Point Verification Protocol: KYC, Banking, Licensing, Sanctions, and Track Record

A repeatable verification protocol transforms buyer due diligence from an ad hoc checklist into a documented compliance file that protects the seller, the intermediary, and the financing banks. The following twelve points are sequenced from legal identity through financial capacity to operational track record. Each point specifies the required document, the verification method, and the disqualifying red flag.

Corporate identity: LEI, certificate of incorporation, beneficial ownership

Corporate identity verification begins with the Legal Entity Identifier (LEI) which must be active and match the exact legal name on the mandate letter. Obtain the certificate of incorporation or equivalent registration extract from the national registry, not a copy provided by the buyer. Request a notarized beneficial ownership declaration showing all natural persons holding 25 percent or more directly or indirectly. Cross-reference the LEI record on GLEIF for registration status, entity status, and any "duplicate" or "retired" flags. Confirm the authorized signatory appears in the latest filing or a current board resolution. A mismatch between the mandate letter signatory and the registry filing is an immediate stop condition.

Financial capacity: audited financials, bank references, POF/BCL validation

Financial capacity verification requires the last three years of audited financial statements for corporate buyers or sovereign wealth fund reports for state entities. Request a bank reference letter from a top-tier commodity finance bank confirming the relationship duration, credit lines, and typical transaction sizes. Proof of Funds (POF) or Bank Comfort Letters (BCL) must be issued on bank letterhead, reference the specific transaction value, and be verifiable through the issuing bank's SWIFT channel (MT799 pre-advice). Reject POFs from non-bank financial institutions, escrow agents, or entities without a SWIFT BIC. Calculate the buyer's net working capital and compare it to the proposed cargo value; a ratio below 1.5 indicates insufficient liquidity for spot crude purchases.

Licensing and sanctions: OFAC, EU, UK lists, local petroleum ministry licenses

Licensing and sanctions screening runs on three parallel tracks. First, screen the buyer entity, all beneficial owners, and associated vessels against the OFAC SDN list, EU Consolidated List, UK Sanctions List, and UN Security Council Consolidated List using a compliance tool that updates daily. Second, verify the buyer holds a valid petroleum import license or refining license from the relevant ministry in the destination jurisdiction; request a certified copy and confirm the license number on the ministry portal. Third, check the vessel's flag state and class society against the Paris MoU or Tokyo MoU detention databases. Any hit on sanctions lists, an expired import license, or a vessel with recent detentions triggers enhanced due diligence or deal termination.

Verification Point	Required Document	Verification Method	Disqualifying Red Flag	Typical Turnaround
Corporate Identity	LEI, Certificate of Incorporation, Beneficial Ownership Declaration	GLEIF LEI check, National Registry extract, Notarized UBO statement	Signatory mismatch, Shell jurisdiction, Inactive LEI	24 to 48 hours
Financial Capacity	Audited Financials (3 yrs), Bank Reference, POF/BCL via MT799	Ratio analysis, Bank SWIFT verification, Credit line confirmation	Non-bank POF, NWC ratio below 1.5, No commodity bank relationship	3 to 5 business days
Licensing and Sanctions	Import/Refining License, Sanctions Screening Report, Vessel Class Cert	Ministry portal check, Daily list screening, MoU detention database	SDN hit, Expired license, Vessel detention history	24 hours automated
Operational Track Record	Bill of Lading history, Inspection reports, Terminal receipts	Kpler/Vortexa cargo match, Independent inspector verification	No physical lift history, Mismatched grades or volumes	3 to 7 business days
Banking Instrument	Draft SBLC/DLC, Issuing Bank BIC, Confirming Bank commitment	SWIFT MT760/MT700 authentication, UCP 600 / ISP98 compliance	Unconfirmed SBLC from unrated bank, Soft clauses, Expiry before laycan	5 to 10 business days
Intermediary Chain	NCNDA, IMFPA, Mandate Letter, Power of Attorney	Signatory authority check, Fee cap at 50 cents per barrel, No double IMFPA	Uncapped fees, Unknown intermediaries, Missing POA	48 hours

The protocol table condenses the first six of twelve verification points into an operational checklist. Each row defines the document the buyer must supply, the independent verification method the seller controls, the specific finding that kills the deal, and the realistic time required. The remaining six points cover operational track record via cargo tracking, banking instrument structure under UCP 600 or ISP98, intermediary chain integrity with fee caps, insurance and inspection appointments, force majeure and governing law alignment, and final compliance sign-off before vessel nomination. Teams that institutionalize this protocol reduce failed lifts and protect commission structures by documenting every verification step before the NCNDA is executed.

Anatomy of a Legitimate Buyer Mandate: Documents You Must See Before Signing NCNDA or IMFPA

A legitimate buyer mandate arrives with a complete document package that proves title, funding, and logistics before any confidentiality or fee agreement is executed. The evidentiary weight of each document determines whether the counterparty controls the purchase or is simply circulating an offer.

Irrevocable Corporate Purchase Order (ICPO) with bank endorsement

An ICPO with bank endorsement confirms the buyer has committed capital and the issuing bank stands behind the order. The document must reference the specific grade, quantity, Incoterms, laycan window, and pricing formula tied to a recognized benchmark such as Platts or Argus. A bank endorsement transforms the ICPO from a letter of intent into a payment undertaking, allowing the seller to approach their own bank for pre-financing. Without the endorsement the ICPO carries no more weight than a purchase inquiry.

Bank Comfort Letter (BCL) or Proof of Funds (POF) on bank letterhead

A Bank Comfort Letter or Proof of Funds on verifiable bank letterhead demonstrates liquidity for the specific transaction. The letter must state the available amount, currency, account holder name matching the buyer entity, and a validity period covering the entire laycan plus discharge window. It must be verifiable through SWIFT MT799 or direct bank-to-bank confirmation. Generic POF screenshots or letters from non-bank financial institutions do not satisfy KYC requirements for crude cargoes.

Tank Storage Agreement (TSA) or terminal injection nomination rights

A Tank Storage Agreement or terminal injection nomination rights proves the buyer has secured discharge capacity at the destination port. The TSA must name the terminal, tank capacity allocated, throughput rate, and validity dates aligned with the laycan. For FOB deals the buyer must show a vessel nomination slot; for CIF the seller needs the TSA to plan discharge. Without confirmed storage the cargo has nowhere to go and the deal stalls at the port.

Document	Issuing Authority	Key Verification Method	Deal-Killer Finding	Time to Verify
ICPO with Bank Endorsement	Buyer corporate officer + issuing bank	SWIFT MT799 authentication, UCP 600 compliance check	Missing bank stamp, expired validity, quantity mismatch	24 to 48 hours
BCL / POF on Bank Letterhead	Top-50 global bank or rated regional bank	Direct bank officer call, BIC verification, MT799 confirmation	Unrated bank, stale date, amount below cargo value	24 hours
TSA / Terminal Nomination	Terminal operator or port authority	Terminal portal check, storage operator confirmation email	Expired agreement, capacity below parcel size, no injection rights	48 hours

The table condenses the three mandatory documents into a verification checklist. Each row identifies the issuing authority, the independent verification method the seller controls, the specific finding that kills the deal, and the realistic time required. A seller who cannot verify all three within 48 hours should not execute an NCNDA or IMFPA because the mandate lacks the operational capacity to lift crude.

Red Flag Radar: 10 Scam Signatures Specific to Crude Oil Transactions

Fraud patterns in crude oil follow repeatable signatures that exploit documentation gaps and time pressure. World proven crude oil reserves stood at 1,567 billion barrels at the end of 2024 according to OPEC, creating a vast market where counterfeit documents circulate alongside legitimate cargoes. Each entry below includes the hook, the telltale sign, and the defensive action.

Dip and Pay: fake SGS inspection at vessel manifold

The scam presents a manipulated SGS or Inspectorate report showing on-spec product at the manifold to trigger payment release before the cargo reaches the discharge port. The telltale sign is an inspection certificate issued without the surveyor's physical presence at the load port or a certificate number that does not exist in the inspector's verification portal. The defensive action is to require joint inspection at load port with the seller's appointed surveyor and to verify every certificate directly on the inspector's website before releasing any payment instrument.

SBLC Pre-advice without issuing bank officer verification

The hook is a SWIFT MT799 pre-advice claiming an SBLC is being issued, often from a bank the seller has never heard of. The telltale sign is the absence of a named issuing bank officer with a verifiable email on the bank's official domain and a BIC that does not match the bank's published SWIFT directory entry. The defensive action is to refuse any pre-advice and demand the live MT760 transmitted seller-bank to seller-bank with UCP 600 or ISP98 language confirmed by the seller's own banking officer.

Fake NNPC or ministry allocation letters with forged letterheads

The scam uses counterfeit Nigerian National Petroleum Corporation or ministry allocation letters bearing forged signatures and official-looking watermarks. The telltale sign is a letter reference number that does not follow the agency's published numbering convention or a signatory whose name does not appear in the current government gazette. The defensive action is to verify every allocation letter directly with the issuing ministry's official email or through the Nigerian Upstream Petroleum Regulatory Commission portal before accepting the mandate.

Scam Signature	The Hook	Telltale Sign	Defensive Action	Verification Channel
Dip and Pay	Fake SGS certificate at manifold	Certificate not in inspector portal, no joint survey	Require load-port joint inspection, verify cert online	SGS / Inspectorate verification portal
SBLC Pre-advice Only	MT799 claiming instrument issuance	No named bank officer, BIC mismatch, unrated bank	Demand live MT760 seller-bank to seller-bank	SWIFT directory, issuing bank compliance desk
Forged Allocation Letter	Fake NNPC or ministry letterhead	Reference format wrong, signatory not in gazette	Verify with ministry email or NUPRC portal	Official ministry contact, NUPRC database

The table maps three high-frequency scam signatures to their hooks, telltale signs, defensive actions, and official verification channels. A seller who internalizes these patterns and builds the verification step into the workflow before signing an NCNDA eliminates the majority of fraudulent mandates that waste time and expose counterparties to legal risk.

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Related reading: Basrah Heavy Crude Oil: Full Export Specifications.

Conclusion: Verification Is the Competitive Advantage

Verification is the competitive advantage because it transforms crude oil trading from a lottery of unverified leads into a disciplined pipeline of bankable counterparties. Sellers who invest in the 12-point protocol, mandate anatomy checks, and jurisdictional risk scoring close fewer but larger transactions with predictable timelines and protected commissions. The workflow described across this article, identity and license verification before commercial terms, bankable instrument authentication before vessel nomination, independent inspection before payment release, mirrors the internal compliance gates of major NOCs and trading houses. Adopting the same gates at the intermediary level filters out the fraudsters who populate open markets and LinkedIn groups, allowing professionals to allocate due diligence budget only to buyers who can actually perform. Global Trade Plaza supports this approach by providing a verified-member directory where baseline KYC is completed before a mandate is ever shared, reducing the noise

Frequently Asked Questions

how to find genuine crude oil buyers

Start by identifying the four legitimate buyer categories: integrated majors, independent refiners, National Oil Companies, and Tier-1 trading houses. Use vessel tracking platforms like Kpler or Vortexa to confirm which entities actually lift cargoes at specific terminals. Cross-reference customs records and trade data to map procurement authority before initiating contact.

how to verify a crude oil buyer mandate

Require a notarized corporate resolution authorizing the specific signatory and cargo volume. Confirm the mandate letter matches the buyer's active LEI and incorporation documents. Validate the buyer's banking capacity through a direct SWIFT MT799 Bank Comfort Letter from a top-tier commodity bank referencing the exact transaction.

what documents prove a crude oil buyer is real (POF, POP, TSA)

A verifiable Bank Comfort Letter (MT799) or confirmed SBLC proves financial capacity (POF). Proof of Product (POP) requires a Bill of Lading, Quality and Quantity Report, and Certificate of Origin issued by independent inspectors. A Tank Storage Agreement (TSA) must show the buyer's nominated tank farm with valid throughput capacity.

common crude oil scams: dip and pay, soft probe, fake allocation letters

Dip-and-pay scams request product quality tests before any financial instrument is issued, harvesting cargo data. Soft probes use fake NCNDAs to collect seller pricing and logistics intelligence without purchase intent. Fake allocation letters mimic NOC letterhead but lack ministerial seals, sovereign guarantee references, or verifiable central bank payment channels.

how much does crude oil sell for (current benchmarks: Brent, WTI, Bonny Light differentials)

Crude prices are set by benchmark assessments (Platts, Argus) plus grade-specific differentials. Brent and WTI serve as primary markers; Bonny Light typically trades at a premium to Brent due to high gasoline yield. Differentials shift daily based on freight, refining margins, and regional supply balances.

how to buy crude oil: step-by-step procurement process for refiners

Refiners issue an ICPO specifying grade, volume, laycan, and pricing formula. Sellers respond with a Soft Offer and POP package. Buyers open a confirmed SBLC or DLC via their bank. Final steps include vessel nomination, NOR tendering, inspection at load port, and payment against shipping documents.

how to sell crude oil: workflow from allocation to bill of lading

Sellers secure a verified allocation or production entitlement. They issue a Soft Commercial Offer to qualified buyers. Upon SBLC/DLC receipt, the seller nominates the vessel, coordinates load-port inspection, and presents the full document set (Bill of Lading, Q&Q, COO) to the bank for payment.

online crude oil price sources: Platts, Argus, Bloomberg, free alternatives

Platts and Argus provide the industry-standard benchmark assessments used in term contracts. Bloomberg Terminal and Refinitiv Eikon aggregate these with real-time curves and freight data. Free alternatives include EIA weekly reports, OPEC Monthly Oil Market Reports, and exchange settlement prices for Brent and WTI futures.

what is an SBLC vs DLC in crude oil transactions

An SBLC (Standby Letter of Credit) is a bank guarantee paying the seller if the buyer defaults, typically used for open-account or term deals. A DLC (Documentary Letter of Credit) pays against presentation of shipping documents and is standard for spot cargoes. Both must be confirmed by a prime international bank.

NCNDA IMFPA meaning and enforceability in oil deals

An NCNDA (Non-Circumvention Non-Disclosure Agreement) protects transaction confidentiality. An IMFPA (Irrevocable Master Fee Protection Agreement) binds the seller to pay intermediary commissions. Enforceability depends on governing law jurisdiction, specific performance clauses, and whether the intermediary holds a valid mandate from the principal.

KYC AML requirements for crude oil transactions

Counterparties must provide incorporation certificates, beneficial ownership declarations (UBO >25%), and active LEI records. Banks screen names against OFAC, EU, UN, and UK sanctions lists plus PEP databases. Source-of-funds declarations and three years of audited financials are standard for new commodity relationships.

how to check if a company is sanctioned (OFAC, EU, UK lists)

Run the entity name, aliases, and beneficial owners through the OFAC SDN List, EU Consolidated List, and UK OFSI Consolidated List. Use Refinitiv World-Check or LexisNexis for automated screening with fuzzy matching. Verify vessel IMO numbers against sanctions lists to catch designated tankers.

Sources

• U.S. EIA (2024): China crude oil imports from Russia
• OPEC (end of 2024): World proven crude oil reserves