Who Are The Top 10 Oil Exporters In The World?

Introduction

When it comes to the global oil market, some countries have emerged as major players in terms of oil exports. These nations possess abundant oil reserves and heavily rely on oil as a source of revenue and economic growth. According to total trade value and export import data, oil was the most traded good in the world in 2021. In 2021, 4.52% of all trade was in crude petroleum. The amount of oil produced worldwide as of 2022 was 93.9 million barrels per day. In this article, we will explore the top 10 oil exporters in the world and delve into the import-export data that drives their rankings.

 

The history of top oil exporters

The United Arab Emirates replaced Saudi Arabia as the largest oil exporter in 2019 after it had previously led the world in annual oil shipments. Saudi Arabia regained the top spot in 2020 and continued to maintain it in 2021, exporting 14.5% of the world's crude oil. 7.11% of global exports in 2021 came from the United States, making it a significant exporter as well. Here are the top 10 oil exporters in the world according to the latest import export data:

 

1. Saudi Arabia: Leading the pack

Saudi Arabia is undoubtedly the leader among oil exporters. It has consistently maintained its top position over the years. The Kingdom boasts massive oil reserves and a well-developed infrastructure for oil extraction, refining, and export. With $138 billion in oil exports, Saudi Arabia was the largest oil exporter in the world in 2021. That amounts to 14.5% of all oil shipments worldwide.

 

2. Russia: A formidable force

Russia holds the second position in the list of top oil exporters globally. The country possesses vast reserves of oil and highly advanced technology for exploration and production. It contributed $113 billion or 11.8% of all exports in 2021 making it a key player in the international oil market.

 

3. Iraq: Tapping into its potential

Iraq ranks third among the leading oil exporters worldwide. Iraq exported crude oil in 2021, earning $72 billion and accounting for 7.57% of global oil exports that year. The country possesses substantial oil reserves and has been gradually ramping up its oil production and export capabilities.

 

4. Canada: A North American powerhouse

Canada occupies the fourth spot on the list. The country has rich oil sands and unconventional oil deposits, making it one of the largest oil producers globally. In 2021, Canada exported $81.2 billion worth of oil or 8.54% of the world's total.

 

5. United Arab Emirates: Resilience in the face of diversification

The United Arab Emirates (UAE) is another prominent oil exporter worldwide. UAE accounted for 6.15% of all oil exports in 2021 with oil shipments worth $58.5 billion. In 2022, the UAE produced 4.24 million barrels per day, about 4% of the world's output. The UAE has been actively investing in alternative industries and sectors to reduce its dependence on oil, yet oil exports continue to play a crucial role in its economy.

 

6. Norway

Norway contributed 4.36% of the world's oil trade in 2021 and exported oil worth $41.5 billion. As a result, it ranks as the eighth-largest oil exporter globally. Norway is the country in Western Europe with the biggest oil reserves, and it supplies the majority of its oil to its nearby European neighbors. Over 20% of Norway's GDP and 50% of its exports are derived from the oil industry.

 

7. Nigeria: Africa's leading oil exporter

Nigeria holds the seventh position on the list. According to the 2021 export import data, 4.4% of the world's oil exports, or $41.8 billion, came from Nigeria. The greatest known oil reserves in Africa are found in Nigeria. However, Nigeria faces challenges such as political instability, security concerns, and oil theft, which impact its export capabilities.

 

8. United States: Balancing domestic consumption and exports

The United States has experienced a remarkable change in its oil dynamics in recent years. In 2021, it exported oil worth $67.6 billion, or 7.11% of all exports worldwide. While the United States satisfies a significant portion of its domestic demand, it also exports a substantial amount of oil to various countries.

 

9. Kuwait: A small country with vast resources

Kuwait's inclusion on the list of the top oil exporters in the world is impressive given its modest size. Kuwait exported $40.1 billion worth of oil in 2021, making up 4.21% of the world's total exports. In 2022, Kuwait produced roughly 3.02 million barrels of oil per day, ranking tenth in the world.

 

10. Kazakhstan: Oil wealth from the steppe

Kazakhstan completes the list of top 10 oil exporters in the world. It has extensive oil reserves, primarily located in the Caspian Sea region. Kazakhstan heavily relies on oil exports for its economic growth, and it continues to explore new reserves and expand its export capacity.

 

Conclusion

In conclusion, the top 10 oil exporters in the world are crucial players in the global oil market. Given its numerous applications, it should not be surprising that oil is the most valued product in the world. The world's biggest oil exporter is Saudi Arabia, which holds the top position. Due to the fluctuating oil prices, international politics, and domestic conditions in each country, each position on the list is subject to change each year. It is important to note that the rankings may vary over time as global dynamics and policies impact oil production and export levels.