The World’s 5 Largest Oil Exporters
Oil is one of the most valuable resources on the planet. The daily crude oil production in 2020, according to Statista, was around 88,4 million barrels per day. It is one of the most sought-after commodities and forms the basis for producing multiple products, and its most extensive use is in transportation.
To manufacture fuel, crude oil is extracted and processed in a refinery. Only a few countries produce and export crude oil due to their natural oil reserves.
Most of us assume Saudi Arabia to be the largest producer of crude oil; however, that changed in 2019 when the United Arab Emirates overtook them.
In this article, we will explore the top 5 global oil exporters.
1. United Arab Emirates (UAE)
In 2019, the UAE exported $176 billion worth of oil, contributing to 16.13% of the global oil exports. The country produced 3.78 million barrels of oil per day in 2020. Furthermore, they are the seventh-largest oil producer. The country’s oil production contributed to 30% of its GDP.
2. Saudi Arabia
The Middle East was once the leading global oil supplier, but that changed in 2019. Saudi Arabia’s global contribution amounts to 11.54% in 2019. They produced 10.81 million barrels of oil daily in 2020, making it OPEC’s leading oil producer.
In terms of global oil reserves, 15% is located in Saudi Arabia. Oil exports make up 70% of the country’s exports and more than half of their government’s revenue.
3. Russia
Number three belongs to Russia, which in 2019 contributed 10.53% of exports globally, worth about $115 billion. Russia’s biggest customer is Europe. Russia exported 48% of its oil to Europe in 2020. Furthermore, 43% of their revenue came from natural gas and oil from 2011 to 2020.
The EU and the U.S. sanctioned Russia in 2014 due to its control of Crimea in 2014. Due to these sanctions, Russian energy companies cannot access these markets. The recent invasion of Ukraine has increased the sanctions, and the US went further to ban all imports of Russian oil.
4. Kuwait
Kuwait is a small country but number four of the top oil exporters. Their oil exports accounted for 7.55% of the global oil exports in 2019. They shipped about $82 billion worth of oil in 2019. In 2020, Kuwait’s production was up to 2.75 million barrels per day, listing them as the tenth largest oil producer globally.
Moreover, Kuwait’s oil reserves are the six largest on the planet.
5. Iraq
Until 2016, Iraq was the second-largest oil exporter. However, they fell to fifth in 2019. They exported 6.34% of oil in 2019. They follow Saudi Arabia as the second-largest OPEC producer. Furthermore, Iraq’s oil reserves are fifth in the world.
According to the US Energy Information Agency, most of these reserves have already been explored or developed. 91% of Iraq’s government revenue comes from oil, making them highly dependent on the commodity.
