Crude oil ranks as the world’s most valuable exported product for 2022, surpassing the prior year’s leader which was exports of electronic integrated circuits and related parts.
Crude petroleum oils represent 5.6% of the overall total for all exported commodities during 2022, up from 4.6% in 2021.
A modern economy cannot function without crude oil since it powers internal combustion engines and makes polymers that are used daily by consumers.
Certain countries generate a higher amount of crude oil than others because they have larger reserves.
A nation's ability to develop its supplies of crude oil for the market may need significant financial outlay and several years.
Developing an oil field, constructing a seaport and a pipeline or railway to transport the oil there, and building the seaport are all necessary for exporting oil to foreign countries.
The expenses associated with each of the stages may reach billions of dollars, contingent on the project's size.
Net oil exports can help an oil-exporting country prosper economically. With the money gained from oil exports, countries can invest more in infrastructure or expand education spending, thus increasing economic growth in the future.
With this being said, let's explore ten countries with the largest crude oil exports
With $138 billion in oil exports, this Middle Eastern oil behemoth was the world's top oil exporter in 2021. This accounts for 14.5% of worldwide oil exports. It is also the top oil producer in the Organization of Petroleum Exporting Countries (OPEC), producing 12.14 million barrels of oil per day in 2022, accounting for roughly 12% of global output.
Saudi Arabia controls over 15% of the world's oil reserves. As a result, the industry accounts for up to 70% of total exports and more than half of total government revenue.
The $81.2 billion worth of oil Canada shipped in 2021 equalled 8.54% of the global total. Its known oil reserves of 168 billion barrels are the fourth-largest in the world. The oil sands of Alberta are home to the majority of such deposits.
The U.S. economy and Canada's oil industry are tightly related, as is frequently the case. 62% of all oil imports into the United States were from Canada in 2021, with 97% of Canadian oil exports going to the country.
Canada is home to several global energy giants, such as Enbridge (ENB.TO), Suncor (SU.TO), and Imperial Oil (IMO.TO).
Russia contributed 11.8% of global oil exports in 2021, totalling $113 billion. Major players such as Rosneft, Surgutneftegas, and Gazprom produced an annual average of 10.94 million barrels per day. This represents 11% of global oil production.
The United States and the European Union (EU) imposed economic sanctions on Russia in 2014 after it annexed Crimea from Ukraine.
As a result, Russian energy companies are barred from entering these finance markets.
Russia's invasion of Ukraine in February 2022 caused the United States to impose even harsher sanctions, including a ban on Russian oil imports.
Before Russia invaded Ukraine in 2022, the European market was heavily dependent on Russian oil supplies; however, as a result of the sanctions imposed on Russia, the globe began to import less Russian oil.
In 2021, the US exported $67.6 billion worth of oil or 7.11% of all exports worldwide.
Between 2011 and 2020, the nation's oil output surged dramatically. The United States was the world's greatest oil producer in 2022, producing 20.21 million barrels of oil per day, or over 20% of the total produced worldwide.
Some of the biggest oil firms in the world, such as Chevron (CVX), ConocoPhillips (COP), and Exxon Mobil (XOM), are based in the United States.
6.15% of all oil exports worldwide in 2021 came from the United Arab Emirates, a small nation around the size of South Carolina with $58.5 billion in oil exports.
In 2022, the United Arab Emirates' daily production of 4.24 million barrels represented 4% of the world's total.
With over 100 billion barrels of oil reserves, the United Arab Emirates is thought to hold the seventh-largest oil reserves in the world.
Although oil and gas production still makes up around 30% of GDP, the nation's economy is less reliant on it than it formerly was.
Iraq is the second-largest producer in OPEC after Saudi Arabia.
Iraq possesses the world's fifth-largest oil reserves, although most of them are already being used or produced, according to the U.S. Energy Information Agency.
The fact that oil earnings made up an anticipated 92% of government revenue in 2019 presents another issue for Iraq.
In 2021, Norway's oil exports totalled $41.5 billion, or 4.36% of the world's oil trade. This makes it the eighth-largest oil exporter in the world for 2021.
Norway is the country with the biggest oil reserves in Western Europe, and it supplies most of its neighbours in Europe.
More than 20% of Norway's GDP and 50% of its exports come from the oil and gas sector.
Given its small size, it is impressive that Kuwait is among the world's top oil exporters.
The country is located in the Arabian peninsula and is roughly the size of Connecticut.
Kuwait accounted for 4.21% of global oil exports in 2021, shipping $40.1 billion in oil that year.
Kuwait produced about 3.02 million barrels of oil per day in 2022, making it the world's tenth-largest producer of 2022. Kuwait's reserves are the seventh-largest in the world.
In 2021, Nigeria ranked seventh globally in terms of oil exports. $41.8 billion worth of oil, or 4.4% of the world's total, was exported by the nation.
Africa's largest proven oil reservoir is found in Nigeria. The majority of its reserves, which total 37 billion barrels, are situated offshore in the Gulf of Guinea, Bight of Benin, and Bight of Bonny as well as along the Niger River Delta.
Brazil is the world's tenth-largest oil exporter, with $30.7 billion in oil exports in 2021, accounting for 3.23% of global totals.
In 2022, the country produced 3.77 million barrels of oil per day, accounting for 4% of global output.
The country possesses 12.7 billion barrels of oil reserves, ranking second in South America only to Venezuela.
World Top Exports.