Biggest Oil Exporters: Top 10 Oil-Producing Countries

Oil is the third largest exported product on this planet, by income. In 2020, crude petroleum accounted for 3.82% of world commerce.

Crude oil is unrefined petroleum that is used to fabricate many merchandise, together with gasoline, heating gas, and plastics. As of 2020, international oil manufacturing reached 4.2 billion metric tons.

Traditionally, Saudi Arabia has led the world in annual oil exports, however that modified in 2019 when the United Arab Emirates overtook it because the world’s greatest oil exporter. In 2020, Saudi Arabia recaptured the highest spot. The USA has additionally elevated its share of world oil exports, accounting for 8.17% of exports in 2020, up from 5.71% in 2019.

This text seems on the prime 10 oil-exporting nations on this planet. Collectively, these 10 nations accounted for almost three-quarters of world oil exports in 2019.

1. Saudi Arabia

This Center Jap oil powerhouse was the world’s prime oil exporter till that place was taken over by the United Arab Emirates in 2019. Nevertheless, Saudi Arabia recaptured the highest spot with $95.7 billion in oil exports in 2020. That represents 15% of world oil exports. It additionally stays the highest oil producer within the Group of the Petroleum Exporting International locations (OPEC), producing near 12 million barrels of oil per day, or about 15% of world output in 2020.

Saudi Arabia possesses roughly 15% of the world’s oil reserves. As such, the business accounts for as a lot as 70% of the nation’s exports and greater than half of presidency income.

2. Russia

Russia takes the second spot. In 2020, it accounted for 11.6% of world exports, totaling $74.4 billion. Manufacturing reached an annual common of 10.5 million barrels per day, produced by main names like Rosneft, Surgutneftegas, and Gazprom. This accounts for 11% of world oil manufacturing.

The European market is very reliant on Russian oil exports, as is the Russian oil business on European imports. In 2020, 48% of oil exports went to Europe. And between 2011 and 2020, oil and pure gasoline made up about 43% of presidency income in Russia.

In 2014, the U.S. and European Union (EU) slapped financial sanctions on Russia after it annexed Crimea from Ukraine. In consequence, Russian power firms are prohibited from accessing capital markets in these areas. Russia’s latest invasion of Ukraine in February 2022 compelled the U.S. to undertake much more extreme sanctions, together with a ban on imports of Russian oil.

3. United States

The USA is the third-largest oil exporter. It exported $52.3 billion value of oil in 2020, comprising 8.17% of world exports. The nation considerably elevated its oil output between 2011 and 2020. In 2020, the U.S. produced 18.61 million barrels of oil per day, about 20% of the worldwide whole.

The U.S. is dwelling to a number of the world’s largest oil firms, together with Chevron (CVX), ConocoPhilips (COP), Exxon Mobil (XOM).

4. Canada

Canada is the world’s fourth-largest exporter of oil. The $47.2 billion value of oil it exported in 2020 comprised 7.37% of the worldwide whole. Its identified oil reserves of 167 billion barrels are the third-largest on this planet. The majority of these reserves is positioned in Alberta’s oil sands.

As is usually the case, Canada’s oil business is intently linked to the U.S. economic system. In 2018, 96% of Canadian oil exports went to the US, and Canadian oil accounted for 48% of all U.S. oil imports.

A number of the world’s main power firms name Canada dwelling, together with Enbridge (ENB.TO), Suncor (SU.TO), and Imperial Oil (IMO.TO).

5. Iraq

Iraq was the world’s second-largest exporter of oil as not too long ago as 2016 however sits in fifth place in 2020, with $45.2 billion in income and exporting 7.06% of all oil exports that yr. It’s the second-largest producer in OPEC after Saudi Arabia.

Iraq has the fifth-largest oil reserves on this planet, however in response to the U.S. Vitality Info Company, nearly all of these reserves are already tapped or being developed. Iraq additionally faces the problem of being over-reliant on oil revenues, which accounted for an estimated 91% of presidency revenues in 2018.

6. United Arab Emirates (UAE)

The United Arab Emirates, a small nation roughly the dimensions of South Carolina, exported $176 billion value of oil in 2019, accounting for 16.13% of world oil exports. Regardless of being the biggest oil exporter in 2019, it fell to sixth-place in 2020 with $42 billion in income and 6.57% of all oil exports. The UAE produced 3.78 million barrels per day in 2020, accounting for 4% of world output.

The UAE is estimated to have the seventh-largest oil reserves on this planet, totaling roughly 100 billion barrels. The nation’s economic system is much less depending on oil than it as soon as was, although oil and gasoline output nonetheless accounts for about 30% of GDP.

7. Nigeria

Nigeria, Africa’s most populous nation, was the world’s seventh-largest exporter of oil in 2020. The nation exported $30 billion value of oil, about 4.68% of the worldwide whole. Nigeria has the second-largest proved oil reserves on the continent. Most of its 37 billion barrels of reserves are positioned alongside the Niger River Delta and offshore within the Gulf of Guinea, Bight of Benin, and Bight of Bonny.

Nigeria enjoys a comparatively various crowd of shoppers who import its oil. In 2018, 20% of Nigerian exports went to India, 11% to Spain, 10% to the Netherlands, and 10% to the US. The Nigerian authorities’s income streams, then again, are a lot much less various. The federal government’s non-oil income accounts for under 3.4% of GDP.

8. Kuwait

Given its small measurement, it’s spectacular that Kuwait is on the record of the world’s prime oil exporters. The nation is positioned within the Arabian peninsula and is concerning the measurement of Connecticut.

Kuwait accounted for 4.32% of world oil exports in 2020, transport $27.6 billion value of oil that yr. Kuwait produced about 2.75 million barrels of oil per day in 2020, making it the world’s tenth-largest producer. The nation’s reserves are the sixth-largest on this planet.

9. Kazakhstan

Kazakhstan was the ninth-largest oil exporter in 2020. Its exports, value $25.2 billion, accounted for 3.94% of the worldwide whole. In accordance with the Oil and Fuel Journal, Kazakhstan had a 30 billion barrel reserve in 2018. This positioned it in twelfth place on this planet for reserves, simply behind the U.S.

Kazakhstan’s oil manufacturing comes from two onshore fields within the nation’s northwest area and from one within the Caspian Sea.

10. Norway

Norway exported $22.6 billion value of oil in 2020, accounting for 3.53% of the worldwide oil commerce. This makes it the tenth-largest oil exporter on this planet.

Norway has the biggest oil reserves in Western Europe and sends the overwhelming majority of its oil to its European neighbors. Although manufacturing has slowed steadily over the course of the twenty first century, the oil business nonetheless accounts for 50% of Norwegian exports and over 20% of GDP.