Oil exporting countries have a huge role in running the world’s economy. Not only this, but it also provides the main resources around the globe.
It’s said that Saudi Arabia is the king among the largest exporter of refined petroleum, but in 2019 the United States overtook the position. In 2020, Saudi Arabia took its position back as being the largest oil-exporting country and still maintains it.
Keep reading to learn more about the 10 largest oil-exporting countries.
Top 10 Largest Oil Exporting Countries
Below are the top 10 oil-exporting countries in the world:
Saudi Arabia
This country- Saudi Arabia, the largest exporter of crude oil in the world in 2021, has more than $138 billion in oil exports, which is equal to 14.5% of global oil exports.
Besides that, Saudi Arabia maintains its first rank in the Organization of the Petroleum Exporting Countries (OPEC).
Russia
Russia comes in second position for being the world’s largest exporter of crude oil. In 2021, it made around 11.8 percent of the total global exports, which are $113 billion.
The production of each day is 10.94 million barrels per day. The main names that come for production are Rosneft, Surgutneftegas, and Gazprom.
Canada
Canada is the world’s third-largest source of Oil. It made around $81.2 billion in oil, contributing 8.54 percent of the global total. It has over 168 billion barrels of oil reserves- making it among the largest oil-exporting countries. Most of the reserves can be spotted in Alberta’s oil sands.
However, Canada’s oil industry greatly impacts the United States economy. In 2021, a huge amount of oil was exported to the United States from Canada, which was around 97%
Iraq
Iraq was one of the largest exporters of crude oil in 2021. It sells crude oil of value $72 billion. Moreover, it exports around 7.57% of the global total in that year. In OPEC, after Saudi Arabia, comes Iraq in the second number.
United States
The United States ranks fifth in the list of the world’s largest exporters of crude oil. In 2021, it exported $67.6 billion value oil, equal to 7.11% of global exports.
Undoubtedly, the United States drastically increased its oil production between 2011 and 2020. In 2022, the US topped the chart by producing 20.21 million barrels of oil each day, comprising 20 percent of the global and becoming the world’s largest oil producer.
Some of the big US companies include Chevron (CVX), ConocoPhillips (COP), and Exxon Mobil (XOM).
United Arab Emirates (UAE)
The United Arab Emirates is no doubt a small country but has the potential to produce oil and ranks among the 20 largest oil exporters. It exported around $58.5 billion of oil in 2021, a compromise of 6.15% of global oil exports.
As per production, it generates 4.24 million barrels per day- contributing around 4% of global output.
Moreover, UAE owns the seventh largest oil reserves globally, around 100 billion barrels. There used to be a time when the global economy depended on oil, but now Oil and gas equally contribute 30% of GDP.
Nigeria
In 2021, Nigeria ranked eighth in oil exports worldwide. The nation exported $41.8 billion in oil, accounting for 4.4% of the world’s total. Nigeria has Africa’s greatest proven oil reserves. Most of its 37 billion barrels of reserves are situated in the Niger River Delta and offshore in the Gulf of Guinea, Benin Bight, and Bonny Bight.
Norway
In 2021, Norway’s oil exports were valued at $41.5 billion, or 4.36 percent of the world’s total. As a result, it is now the world’s eighth-largest oil exporter.
Noway is one of the largest oil reserves, which is located in Western Europe. Moreover, it exports most of the oil to its neighboring countries. It contributes around 20% of the GDP.
Kuwait
Kuwait is one of the strong players among the oil producing sources, despite it’s a small-sized country. It has reserves on the Arabian peninsula.
In 2021, it contributed around $40.1 billion in oil exports, comprising 4.21% of world oil exports. In 2022, Kuwait ranked under the top ten oil-producing sources, with daily production of 3.02 million barrels.
Brazil
Brazil comes at number ten in the list of largest oil exporting countries. It will make sales of around $30.7 billion in 2021, comprising around 3.23% of the total global value.
Generally, it produces 3.77 million barrels of oil each day. It has more than 12.7 billion barrels of oil reserves. After Venezuela, the biggest reserve is in South America.
Conclusion
Undoubtedly, Oil is one of the essential resources around the globe. It not only contributes to the global economy but has several use cases.
Among all the largest oil exporting countries, Saudi Arabia has mostly topped the chart and maintains its position.
FAQs
Who Is the Largest Oil Producer in the World?
Saudi Arabia is considered to be the top latest oil producer in the world.
On Average, How Many Billion Barrels of Oil Per Day Does the U.S. Export?
As per the latest reports, the United States exported around 9.58 million b/d of petroleum to 180 nationals around the globe.
What Percentage of the Global Gross Domestic Product Does Oil Account for?
With gas and oil production, the GDP makeup is around 3.8%.
