Oil (also known as petroleum) is one of the most profitable raw materials in the world today. Oil is one of the most basic and important raw materials in the modern world, used to make gasoline, diesel fuel, kerosene, and a variety of other products. Moreover, oil remains the most important raw material, influencing the economic situation of countries around the world.
Look at the Top 5 Oil Exporting Countries in the World in 2024.
5. United Arab Emirates
Crude Oil Exports: $112,723,309,000 in 2022
Crude oil exports from the United Arab Emirates increased to 2,717.117 thousand barrels per day in December 2022 from 2,304.910 thousand barrels per day in December 2021. This growth shows the country’s crucial role in the world’s oil markets as well as its economy, underscoring the industry’s dynamic nature and its need of ongoing change to maintain its position.
4. United States
Crude Oil Exports: $117,034,462,000 in 2022
The United States exported 3,604.000 thousand barrels of crude oil per day in December 2022, an increase over the 2,963.000 thousand barrels per day reported in December 2021. This increase highlights the country’s economic clout and its key position in the world’s oil markets.
3. Russia
Crude Oil Exports: $119,530,010,000 in 2022
Russia’s daily crude oil exports increased from 4,510.455 thousand barrels in December 2021 to 4,780.354 thousand barrels in December 2022. This increase emphasizes Russia’s status as a major oil exporter, which is important for both its economy and the world’s energy markets.
2. Canada
Crude Oil Exports: $120,502,814,000 in 2022
Canada’s daily exports of crude oil increased from 3,187.798 thousand barrels in December 2021 to 3,350.200 thousand barrels in December 2022. This rise strengthens Canada’s position as a major oil exporter, supporting its economy and gaining considerable influence in the world energy markets. The oil business in Canada is a major employer and source of income, adding significantly to the country’s GDP.
1. Saudi Arabia
Crude Oil Exports in 2022: $224,795,271,000
Saudi Arabia holds 17% of the world’s proven petroleum reserves, making it a powerhouse in the energy sector. The country exported 7,363.640 thousand barrels per day in December 2022 as an OPEC member. Due to its abundant exports, Saudi Arabia will continue to be the world’s largest oil exporter in 2023. Saudi Arabia has a strong influence over the direction of the global oil sector thanks to its large reserves and important position in the energy markets.
