Crude oil is the world's most widely traded product. It is used to manufacture many products, including gasoline, heating fuel, and plastics. Global crude oil trade amounted to $1.45 trillion in 2022 with exports growing by 46.1% between 2021 and 2022.
Saudi Arabia led the world in annual oil exports, but that changed in 2019 when the United Arab Emirates overtook it as the world's biggest oil exporter. Saudi Arabia recaptured the top spot the following year and still holds the number one position, exporting 16.2% of the world's crude petroleum. The United States is also a large exporter, accounting for 8.16% of exports in 2022.
This article looks at the top 10 oil-exporting countries in the world. Together, these 10 countries accounted for nearly three-quarters of global oil exports in 2022.
Key Takeaways
- Oil is the leading export product in the world.
- Saudi Arabia is the world's largest oil exporter, followed by Russia and Canada.
- Norway, Nigeria, and Kazakhstan round out the list of top 10 oil exporters.
1. Saudi Arabia
This Middle Eastern oil powerhouse was the world's top oil exporter in 2022 with $236 billion in oil exports. That represents 16.2% of global oil exports.
The Saudi kingdom also remains one of the top oil-producing countries in the Organization of the Petroleum Exporting Countries (OPEC) and the world. According to the U.S. Energy Information Administration, Saudi Arabia produced 12.44 million barrels of oil per day in 2022. Saudi Arabia possesses approximately 13% of the world's oil reserves.
Oil Heats Up
Russia's invasion of Ukraine in 2022 sent the price of oil soaring to over $110 per barrel.
2. Russia
Russia takes the second spot, accounting for 9.14% of global exports in 2022. This amounted to $133 billion. Production reached an annual average of 10.13 million barrels per day, produced by major names like Rosneft, Surgutneftegas, and Gazprom. This accounts for 10% of global oil production.
In 2014, the U.S. and the 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 invasion of Ukraine in February 2022 compelled the U.S. to adopt even more severe sanctions, including a ban on imports of Russian oil.
The European market was highly reliant on Russian oil exports until Russia invaded Ukraine in 2022, which saw the world move away from importing Russian oil after sanctions were put on the country.
3. Canada
Canada is the world's third-largest exporter of oil, exporting $123 billion worth of oil in 2022. This accounts for 8.48% of all oil exported in the world. The country's known oil reserves of 168 billion barrels are the fourth-largest in the world. The bulk of those reserves are located in Alberta's oil sands.
As is often the case, Canada's oil industry is closely connected to the U.S. economy. In 2022, 95.4% of Canadian oil exports went to the United States. Some of the world's major energy companies call Canada home, including Enbridge (ENB.TO), Suncor (SU.TO), and Imperial Oil (IMO.TO).
4. United States
The United States exported $118 billion worth of oil in 2022, comprising 8.16% of global exports. The country significantly increased its oil output between 2011 and 2020. In 2022, the U.S. produced 20.30 million barrels of oil per day, about 21% of the global total, making it the world's largest oil producer.
The U.S. is home to some of the world's largest oil companies, including Chevron (CVX), ConocoPhillips (COP), and Exxon Mobil (XOM).
5. Iraq
Iraq is the second largest exporter of crude oil from the Middle East, with $111 billion in revenue. This translated to 7.62% of all oil exports in 2022.
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 revenues, which accounted for an estimated 95% of government revenues in 2022.
$198.52
The all-time high price of crude oil, which was reached in June 2008.
6. United Arab Emirates (UAE)
The United Arab Emirates, a small country approximately the size of South Carolina, exported $105 billion worth of oil in 2022. This accounts for 7.24% of global oil exports. The UAE produced 4.23 million barrels per day in 2022, accounting for 4% of global output.
The UAE is estimated to have the sixth-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 accounts for a good share of the country's GDP.
7. 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 4.31% of global oil exports in 2022, shipping $62.6 billion worth of oil. This Middle Eastern nation produced about 3.01 million barrels of oil per day in 2022, which accounts for 3% of global production.
8. Norway
Norway exported $58.9 billion worth of oil in 2021, accounting for 4.06% of the global oil trade. This makes it the eighth-largest oil exporter in the world. Norway has the largest oil reserves in Western Europe and sends the vast majority of its oil to its European neighbors. The oil industry accounts for 50% of Norwegian exports and over 20% of GDP.
9. Nigeria
Nigeria exported $52.1 billion worth of oil or 3.59% of the global total. Nigeria has the largest proven oil reserves in Africa. Most of its 37.1 billion barrels of reserves are located along the Niger River Delta and offshore in the Gulf of Guinea, Bight of Benin, and Bight of Bonny.
10. Kazakhstan
Kazakhstan is the tenth-largest exporter of oil in the world, exporting $47.6 billion worth of oil in 2022, accounting for 3.28% of the world's total. The country has three major crude oil refineries. with proven reserves of 30 billion barrels. it is among the 20 top producers of energy in the world.
Who Is the Largest Oil Producer in the World?
The world's largest producer of oil is the United States, accounting for 21% of oil production. The country took the number one spot from Russia in 2018, thanks to shale production and energy independence policies.
On Average, How Many Billion Barrels of Oil per Day Does the U.S. Export?
The United States exports roughly 9.52 million barrels of oil per day in 2022, according to the U.S. Energy Information Administration.
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 2021.
The Bottom Line
Oil is the most in-demand product in the world, which comes as no surprise given its many uses. The largest oil exporters span the globe, with Saudi Arabia taking the top spot. Each spot on the list changes every year due to the global political climate, the price of oil, and the domestic atmosphere of each country.
Russia held the top spot in 2021, which was the latest figure available; however, it will significantly drop from that spot after it invaded Ukraine in 2022, which caused the world to slap sanctions on the country and move away from its oil. For all of these nations, however, oil is a prized commodity and a strong contributor to GDP.
