The global import-export trade data shows the top ten oil exporters in the world. Oil is the world’s number one and largest exported product. In 2021, crude oil production crossed 4.5 billion metric tons. As per the market analysis reports of 2019, this commodity accounted for 1.3 % of the overall global GDP.
Since 2019, the United States has maintained its position as the top exporter of Oil in the world surpassing Saudi Arabia. The other top oil-exporting countries in the world are Iraq, Russia, United Arab Emirates, Nigeria, Iran, Kazakhstan, Canada, Iran, Saudi Arabia, and the United States
The United States has now become the world’s largest exporter of oil. In 2020, the United States on an average exported 18.6 billion barrels of oil per day which is around 20% of global exports. Since 2014, the United States has posted a growth of close to 500% in its global sales of crude oil.
Due to the increase in the prices of crude oil, oil exports from Saudi Arabia have increased to 82.4 billion, 123% in October 2021. The total export value of oil increased from 66.1% to 77.6% in October 2021.
The Global Import-Export Trade Data shows Russia’s global oil export accounted for a total of 11%. In Dec 2020, the total exports of Russia’s crude oil were estimated at 4,653.500 barrels per day.
With a share of 6% of the global supply of crude oil, Canada is the fourth-largest exporter country of oil in the world. The market experts suggest that Canada holds more than ten percent of the world’s oil reserves.
China has reportedly increased its petroleum exports globally and holds the position of the 5th largest oil exporter nation in the world. Based on global import-export trade data, China exported 4.93 million barrels of oil per day on an average in 2020 and contributed 5% of the total exports.
Iraq once shared 3rd place among the top oil exporter countries but in 2020, Iraq fell down to sixth place accounting for 4% of the global oil exports. The total exports value of Iraq is expected to trend around $66100.36 million in 2022.
United Arab Emirates
According to UAE export trade data, the total export value of UAE is estimated at $335,238 million in 2020. The total exports of UAE’s petroleum exports recorded $32,943 making UAE the 7th world’s largest oil-exporting country.
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