Dynamic Metamorphosis: Investigating Temporal Shifts in Global Crude Oil Trade Networks

The vast disconnect between crude oil supply and demand markets has given rise to a worldwide crude oil trading system. This paper constructs and analyzes global crude oil trade networks, employing various network analysis techniques and visualization methods. This study aims to delve into the patterns and abnormalities in the global crude oil market, offering insights into its evolution over the past decade. Based on the UN Comtrade Data from 2008-2023, we have constructed a weighted crude oil trade network. Through parameters such as Eigenvector Centrality, Betweenness Centrality and Global Clustering Coefficient we can arrive to certain conclusions regarding the evolving efficiency, criticality and robustness of economies and the trade relationships between nations and their primary crude oil trading partners. Through the lens of geopolitical tensions, such as the ongoing Russia-Ukraine conflicts and the 2008 Financial Crisis, this paper aims to understand the behavior of the global crude oil trade network. It delves deep into the intricacies of specific nodes within the network, analyzing how these events have reshaped trade relationships, altered centrality measures, and impacted overall network resilience and adaptability. By examining these critical junctures, the paper sheds light on the dynamic responses and structural changes within the crude oil trade network during periods of significant geopolitical and economic upheaval.