Fuel plays important roles in the economies of all modern countries. In fact, 90% or more of economic sectors around the world significantly depend on fuel for their operations and development. Transport and industrial sectors are the two largest consumers of fuel in any economy. In industries, fuels are needed to run the machinery and electric power plants. Fuels are also used in different industries make medicine, cosmetics, lubricants, synthetic fabrics, and plastics. The most common fuel used in most countries is the fossil fuel. Fossil fuel is the natural occurring fuel such as gas and coal formed geologically from the remains of organisms. Fuel demand is very high in countries around the world but due to the shortage in supply, the prices continue to remain high. Even with the high fuel prices, its import still comprises the largest share of some countries’ total import. Some of these countries are looked at below.
Belarus imports mainly consist of such energy resources as oil and natural gas, alongside metal, industrial chemicals, machine parts, and manufacturing equipment. Belarus’ high growth of the economy has seen the country greatly depend on energy. The demand for fuel, especially by industries in the country, has increased the share of fuel import on the total imports. Currently, 31% of all imports are fuel related. 90% of Belarus fuel import mainly natural gas is from Russia. In fact, a third of Belarus export revenue is generated by refining Russian oil.
India is the third biggest energy consumer in the world after only the United States and China. The energy policy in the country is defined by the increasing energy deficit and the development of the alternative sources of energy. The country is largely dependent on fuel import to meet its high demand. India’s net fuel import is over 140 million tons of crude oil and 255 million metric tons of primary energy. 70% of electricity generated in India is from fossil fuel. India’s demand for fuel is mainly in the transport and industrial sector. The country imports fuel mostly from Middle East, Venezuela, Africa, and Australia. Fuel import accounts for 29% of the total country’s import
Though Greece has some degree of domestic coal production the country is still lacking in energy resources, and thus all of its oil and gas must be imported. Gas and oil imports account for 27% of all Greece import from the international market. The country’s debt crisis has made it almost impossible for it to improve on its own energy generation. Fuel is needed in the country to generate electricity, power industrial machinery, and in the transport sector. Fuel is also needed to generate export products such as refined petroleum. 80% of Greece piped gas import is from Russia’s GazProm. The country also imports refined fuel from Iraq and China.
Negative Trade Balance in the Energy Sector
Countries such as Zimbabwe, Pakistan, Singapore, Cyprus, Armenia, Japan, and Lithuania also have more than 20% shares of their respective imports being comprised by fuel products. Fuel deficits in these counties have seen the demand rising significantly. Fuel is needed in these countries mainly in the transport and industrial sector. In some countries such as Japan, the crude fuel imported is refined then exported back to the international market. These countries mainly export their fuel from the Middle East and Africa.