Post by the Scribe on Mar 9, 2022 6:17:05 GMT
COMMODITIES OIL
World's Top 10 Oil Exporters
www.investopedia.com/articles/company-insights/082316/worlds-top-10-oil-exporters.asp
By ALEXANDRA TWIN Updated March 08, 2022
Fact checked by TIMOTHY LI
NEWS ALERT March 8, 2022, 12:50 p.m. EST: On Tuesday, President Joe Biden signed an executive order banning the import of Russian oil, liquefied natural gas, and coal. Russia accounted for less than 7% of American oil imports in 2020.12
Oil is the largest exported product in the world. In 2019, crude petroleum accounted for 5.44% of global trade.3
Historically, Saudi Arabia has led the world in annual oil exports, but that changed in 2019—the most recent year for which we have data—when the United Arab Emirates overtook it as the world's biggest oil exporter. The United States has also increased its share of global oil exports, accounting for 5.71% of exports in 2019, up significantly from 0.75% in 2014.
This article looks at the top 10 oil-exporting countries in the world, according to data reported to the United Nations Statistical Division.4 Together, these 10 countries account for nearly three-quarters of global oil exports.5
KEY TAKEAWAYS
Oil was the leading export product in the world, as of 2019, accounting for 5.44% of global trade.
The United Arab Emirates surpassed Saudi Arabia as the world's largest oil exporter in 2019.
Saudi Arabia, Russia, Kuwait, and Iraq round out the top five.
1. United Arab Emirates
The United Arab Emirates, a small country approximately the size of South Carolina, exported $176 billion worth of oil in 2019, accounting for 16.13% of global oil exports.56 Despite being the largest oil exporter, the UAE is only the seventh-largest oil producer. It produced 3.78 million barrels per day in 2020, accounting for 4% of global output.7
The UAE is estimated to have the seventh-largest oil reserves in the world, totaling approximately 100 billion barrels. The country's economy is less dependent on oil than it once was, though oil and gas output still account for about 30% of GDP.8
2. Saudi Arabia
This Middle Eastern oil powerhouse was the world's top oil exporter until that position was taken over by the UAE, but Saudi Arabia still accounted for 11.54% of global oil exports in 2019. It also remains the top oil producer in the Organization of the Petroleum Exporting Countries (OPEC), producing 10.81 million barrels of oil per day, or about 12% of global output in 2020.7
Saudi Arabia possesses approximately 15% of the world's oil reserves. As such, the industry accounts for as much as 70% of the country's exports and more than half of government revenue.9
3. Russia
Russia takes the third spot. In 2019, it accounted for 10.53% of global exports, totaling about $115 billion.5 In 2020, production reached as many as 10.5 million barrels per day produced by major names like Rosneft, Surgutneftegas, and Gazprom. This accounts for 11% of global oil production.7
The European market is highly reliant on Russian oil exports, as is the Russian oil industry on European imports. In 2020, 48% of oil exports went to Europe. And between 2011 and 2020, oil and natural gas made up about 43% of government revenue in Russia.10
In 2014, the U.S. and European Union (EU) slapped economic sanctions on Russia after it annexed Crimea from Ukraine. As a result, Russian energy companies are prohibited from accessing capital markets in these regions. Russia's further invasion of Ukraine in February 2022 compelled the U.S. to adopt even more severe sanctions, including a ban on imports of Russian oil.210
4. Kuwait
Given its small size, it is impressive that Kuwait is on the list of the world's top oil exporters. The country is located in the Arabian peninsula and is about the size of Connecticut.
Kuwait accounted for 7.55% of global oil exports in 2019, shipping more than $82 billion worth of oil that year.5 Kuwait produced about 2.75 million barrels of oil per day in 2020, making it the world's tenth-largest producer.7
The country's reserves are the sixth-largest in the world.11
$147.27
The all-time high price reached by crude oil, which it hit in July 2008.
5. Iraq
Iraq was the world's second-largest exporter of oil as recently as 2016 but sits in fifth place in 2019, exporting about 6.34% of all oil exports that year.5 But it is the second-largest producer in OPEC after Saudi Arabia.7
Iraq has the fifth-largest oil reserves in the world, but according to the U.S. Energy Information Agency, the majority of those reserves are already tapped or being developed. Iraq also faces the challenge of being over-reliant on oil, which accounted for an estimated 91% of government revenues in 2018.12
6. Canada
Canada is the world's sixth-largest exporter of oil. The $68 billion worth of oil it exported in 2019 comprised 6.25% of the global total.5 Its known oil reserves of 167 billion barrels are the third-largest in the world. The bulk of those reserves is located in Alberta's oil sands.13
As is often the case, Canada's oil industry is closely connected to the U.S. economy. In 2018, 96% of Canadian oil exports went to the United States, and Canadian oil accounted for 48% of all U.S. oil imports.13
Some of the world's major energy companies call Canada home, including Enbridge (ENB.TO), Suncor (SU.TO), and Imperial Oil (IMO.TO).
7. United States
The United States is the seventh-largest oil exporter. It exported over $62 billion worth of oil in 2019, comprising 5.71% of global exports.5 As noted above, the country significantly increased 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 global total.7
The U.S. is home to some of the world's largest oil companies, including Chevron (CVX), ConocoPhilips (COP), Exxon Mobil (XOM).
8. Nigeria
Nigeria, Africa's most populous country, was the world's eighth-largest exporter of oil in 2019. The country exported $38.7 billion worth of oil, about 3.5% of the global total.5 Nigeria has the second-largest proved oil reserves on the continent. Most of its 37 billion barrels of reserves are located offshore in the Gulf of Guinea and Bight of Benin.14
Nigeria enjoys a relatively diverse crowd of clients who import its oil. In 2018, 20% of Nigerian exports went to India, 11% to Spain, 10% to the Netherlands, and 10% to the United States. The Nigerian government's revenue streams, on the other hand, are much less diverse. The government's non-oil revenue accounts for only 3.4% of GDP.14
Supply and demand are the most common variables that affect the price of crude oil.
9. Mexico
Mexico was the ninth-largest oil exporter in 2019. Its exports, worth about $37.1 billion, accounted for 3.4% of the global total.5 Compared to other countries on this list, Mexico's known oil reserves are relatively modest, totaling just 5.7 billion barrels. Regardless, Mexico is the fourth-largest oil producer in the Americas, after the U.S., Canada, and Brazil.15
Mexico's oil industry, like Canada's, is entangled with its neighbor the United States. In 2019, 51% of Mexico's oil exports went to the U.S., which represents about 9% of U.S. oil imports.15
10. Norway
Norway exported $27.3 billion worth of oil in 2019, accounting for 2.5% of the global oil trade. This makes it the tenth-largest oil exporter in the world.5
Norway has the largest oil reserves in Western Europe and sends the vast majority of its oil to its European neighbors.16 Though production has slowed steadily over the course of the 21st century, the oil industry still accounts for 50% of Norwegian exports and over 20% of GDP.17
Who Is the Largest Oil Supplier In the World?
The world's largest supplier of oil is the United States, accounting for roughly 20% of oil production. The country took the number one spot from Russia in 2018, thanks to shale production and energy independence policies.18
www.eia.gov/todayinenergy/detail.php?id=37053
On Average, How Many Billion Barrels of Oil per Day Does the U.S. Export?
The United States exports roughly 8.51 million barrels of oil per day, according to the U.S. Energy Information Administration.19
What Percentage of the Global Gross Domestic Product Does Oil Account for?
According to World Bank figures, oil accounts for roughly 1.3% of the world's gross domestic product, as of the most recent figures from 2019.20
ARTICLE SOURCES
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
BP. "Statistical Review of World Energy 2021." Page 32.
www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2021-full-report.pdf
White House. "FACT SHEET: United States Bans Imports of Russian Oil, Liquefied Natural Gas, and Coal."
The Observatory of Economic Complexity. "Crude Petroleum."
Atlas of Economic Complexity. "About the Data."
Atlas of Economic Complexity. "Who exported Petroleum oils, crude in 2019?"
Central Intelligence Agency. "The World Factbook - United Arab Emirates."
U.S. Energy Information Administration. "What countries are the top producers and consumers of oil?"
International Trade Administration. "United Arab Emirates - Oil and Gas."
U.S. Energy Information Administration. "Saudi Arabia."
U.S. Energy Information Administration. "Russia."
U.S. Energy Information Administration. "Kuwait."
U.S. Energy Information Administration. "Iraq."
U.S. Energy Information Administration. "Canada."
U.S. Energy Information Administration. "Nigeria."
U.S. Energy Information Administration. "Mexico."
U.S. Energy Information Administration. "Norway."
www.eia.gov/international/analysis/country/NOR
Norwegian Petroleum. "The Government's Revenues."
www.norskpetroleum.no/en/economy/governments-revenues/
U.S. Energy Information Administration. "The United States is now the largest global crude oil producer."
www.eia.gov/todayinenergy/detail.php?id=37053
U.S. Energy Information Administration. "Oil and petroleum products explained."
www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php
World Bank. "Oil Rents (% of GDP)."
data.worldbank.org/indicator/NY.GDP.PETR.RT.ZS
World's Top 10 Oil Exporters
www.investopedia.com/articles/company-insights/082316/worlds-top-10-oil-exporters.asp
By ALEXANDRA TWIN Updated March 08, 2022
Fact checked by TIMOTHY LI
NEWS ALERT March 8, 2022, 12:50 p.m. EST: On Tuesday, President Joe Biden signed an executive order banning the import of Russian oil, liquefied natural gas, and coal. Russia accounted for less than 7% of American oil imports in 2020.12
Oil is the largest exported product in the world. In 2019, crude petroleum accounted for 5.44% of global trade.3
Historically, Saudi Arabia has led the world in annual oil exports, but that changed in 2019—the most recent year for which we have data—when the United Arab Emirates overtook it as the world's biggest oil exporter. The United States has also increased its share of global oil exports, accounting for 5.71% of exports in 2019, up significantly from 0.75% in 2014.
This article looks at the top 10 oil-exporting countries in the world, according to data reported to the United Nations Statistical Division.4 Together, these 10 countries account for nearly three-quarters of global oil exports.5
KEY TAKEAWAYS
Oil was the leading export product in the world, as of 2019, accounting for 5.44% of global trade.
The United Arab Emirates surpassed Saudi Arabia as the world's largest oil exporter in 2019.
Saudi Arabia, Russia, Kuwait, and Iraq round out the top five.
1. United Arab Emirates
The United Arab Emirates, a small country approximately the size of South Carolina, exported $176 billion worth of oil in 2019, accounting for 16.13% of global oil exports.56 Despite being the largest oil exporter, the UAE is only the seventh-largest oil producer. It produced 3.78 million barrels per day in 2020, accounting for 4% of global output.7
The UAE is estimated to have the seventh-largest oil reserves in the world, totaling approximately 100 billion barrels. The country's economy is less dependent on oil than it once was, though oil and gas output still account for about 30% of GDP.8
2. Saudi Arabia
This Middle Eastern oil powerhouse was the world's top oil exporter until that position was taken over by the UAE, but Saudi Arabia still accounted for 11.54% of global oil exports in 2019. It also remains the top oil producer in the Organization of the Petroleum Exporting Countries (OPEC), producing 10.81 million barrels of oil per day, or about 12% of global output in 2020.7
Saudi Arabia possesses approximately 15% of the world's oil reserves. As such, the industry accounts for as much as 70% of the country's exports and more than half of government revenue.9
3. Russia
Russia takes the third spot. In 2019, it accounted for 10.53% of global exports, totaling about $115 billion.5 In 2020, production reached as many as 10.5 million barrels per day produced by major names like Rosneft, Surgutneftegas, and Gazprom. This accounts for 11% of global oil production.7
The European market is highly reliant on Russian oil exports, as is the Russian oil industry on European imports. In 2020, 48% of oil exports went to Europe. And between 2011 and 2020, oil and natural gas made up about 43% of government revenue in Russia.10
In 2014, the U.S. and European Union (EU) slapped economic sanctions on Russia after it annexed Crimea from Ukraine. As a result, Russian energy companies are prohibited from accessing capital markets in these regions. Russia's further invasion of Ukraine in February 2022 compelled the U.S. to adopt even more severe sanctions, including a ban on imports of Russian oil.210
4. Kuwait
Given its small size, it is impressive that Kuwait is on the list of the world's top oil exporters. The country is located in the Arabian peninsula and is about the size of Connecticut.
Kuwait accounted for 7.55% of global oil exports in 2019, shipping more than $82 billion worth of oil that year.5 Kuwait produced about 2.75 million barrels of oil per day in 2020, making it the world's tenth-largest producer.7
The country's reserves are the sixth-largest in the world.11
$147.27
The all-time high price reached by crude oil, which it hit in July 2008.
5. Iraq
Iraq was the world's second-largest exporter of oil as recently as 2016 but sits in fifth place in 2019, exporting about 6.34% of all oil exports that year.5 But it is the second-largest producer in OPEC after Saudi Arabia.7
Iraq has the fifth-largest oil reserves in the world, but according to the U.S. Energy Information Agency, the majority of those reserves are already tapped or being developed. Iraq also faces the challenge of being over-reliant on oil, which accounted for an estimated 91% of government revenues in 2018.12
6. Canada
Canada is the world's sixth-largest exporter of oil. The $68 billion worth of oil it exported in 2019 comprised 6.25% of the global total.5 Its known oil reserves of 167 billion barrels are the third-largest in the world. The bulk of those reserves is located in Alberta's oil sands.13
As is often the case, Canada's oil industry is closely connected to the U.S. economy. In 2018, 96% of Canadian oil exports went to the United States, and Canadian oil accounted for 48% of all U.S. oil imports.13
Some of the world's major energy companies call Canada home, including Enbridge (ENB.TO), Suncor (SU.TO), and Imperial Oil (IMO.TO).
7. United States
The United States is the seventh-largest oil exporter. It exported over $62 billion worth of oil in 2019, comprising 5.71% of global exports.5 As noted above, the country significantly increased 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 global total.7
The U.S. is home to some of the world's largest oil companies, including Chevron (CVX), ConocoPhilips (COP), Exxon Mobil (XOM).
8. Nigeria
Nigeria, Africa's most populous country, was the world's eighth-largest exporter of oil in 2019. The country exported $38.7 billion worth of oil, about 3.5% of the global total.5 Nigeria has the second-largest proved oil reserves on the continent. Most of its 37 billion barrels of reserves are located offshore in the Gulf of Guinea and Bight of Benin.14
Nigeria enjoys a relatively diverse crowd of clients who import its oil. In 2018, 20% of Nigerian exports went to India, 11% to Spain, 10% to the Netherlands, and 10% to the United States. The Nigerian government's revenue streams, on the other hand, are much less diverse. The government's non-oil revenue accounts for only 3.4% of GDP.14
Supply and demand are the most common variables that affect the price of crude oil.
9. Mexico
Mexico was the ninth-largest oil exporter in 2019. Its exports, worth about $37.1 billion, accounted for 3.4% of the global total.5 Compared to other countries on this list, Mexico's known oil reserves are relatively modest, totaling just 5.7 billion barrels. Regardless, Mexico is the fourth-largest oil producer in the Americas, after the U.S., Canada, and Brazil.15
Mexico's oil industry, like Canada's, is entangled with its neighbor the United States. In 2019, 51% of Mexico's oil exports went to the U.S., which represents about 9% of U.S. oil imports.15
10. Norway
Norway exported $27.3 billion worth of oil in 2019, accounting for 2.5% of the global oil trade. This makes it the tenth-largest oil exporter in the world.5
Norway has the largest oil reserves in Western Europe and sends the vast majority of its oil to its European neighbors.16 Though production has slowed steadily over the course of the 21st century, the oil industry still accounts for 50% of Norwegian exports and over 20% of GDP.17
Who Is the Largest Oil Supplier In the World?
The world's largest supplier of oil is the United States, accounting for roughly 20% of oil production. The country took the number one spot from Russia in 2018, thanks to shale production and energy independence policies.18
www.eia.gov/todayinenergy/detail.php?id=37053
On Average, How Many Billion Barrels of Oil per Day Does the U.S. Export?
The United States exports roughly 8.51 million barrels of oil per day, according to the U.S. Energy Information Administration.19
What Percentage of the Global Gross Domestic Product Does Oil Account for?
According to World Bank figures, oil accounts for roughly 1.3% of the world's gross domestic product, as of the most recent figures from 2019.20
ARTICLE SOURCES
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
BP. "Statistical Review of World Energy 2021." Page 32.
www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2021-full-report.pdf
White House. "FACT SHEET: United States Bans Imports of Russian Oil, Liquefied Natural Gas, and Coal."
The Observatory of Economic Complexity. "Crude Petroleum."
Atlas of Economic Complexity. "About the Data."
Atlas of Economic Complexity. "Who exported Petroleum oils, crude in 2019?"
Central Intelligence Agency. "The World Factbook - United Arab Emirates."
U.S. Energy Information Administration. "What countries are the top producers and consumers of oil?"
International Trade Administration. "United Arab Emirates - Oil and Gas."
U.S. Energy Information Administration. "Saudi Arabia."
U.S. Energy Information Administration. "Russia."
U.S. Energy Information Administration. "Kuwait."
U.S. Energy Information Administration. "Iraq."
U.S. Energy Information Administration. "Canada."
U.S. Energy Information Administration. "Nigeria."
U.S. Energy Information Administration. "Mexico."
U.S. Energy Information Administration. "Norway."
www.eia.gov/international/analysis/country/NOR
Norwegian Petroleum. "The Government's Revenues."
www.norskpetroleum.no/en/economy/governments-revenues/
U.S. Energy Information Administration. "The United States is now the largest global crude oil producer."
www.eia.gov/todayinenergy/detail.php?id=37053
U.S. Energy Information Administration. "Oil and petroleum products explained."
www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php
World Bank. "Oil Rents (% of GDP)."
data.worldbank.org/indicator/NY.GDP.PETR.RT.ZS