List of countries by oil exports

This is a list of oil-producing countries by oil exports based on data for 2022 by CEIC. Oil in this list refers to base crude oil only, and not refined petroleum products such as gasoline, diesel and airplane fuel.

Crude oil export revenue by country (annually)
A world map of countries by oil exportation, 2020.

In 2022, Saudi Arabia was the largest exporter of petroleum, followed by Russia and Iraq. Other major exporters of petroleum in that year included the United States, Canada and United Arab Emirates. In 2022, Saudi Arabia also had the largest oil export value in US dollar terms by far.

Many of these countries also import oil, and some import more oil than they export, this is known as an oil export deficit.

In contrast, when a country exports more oil than it imports, it is known as an oil export surplus. The second table in this page shows which countries have the largest oil export surplus in US dollar terms. Russia was the world leader in 2022 for this category.

Countries by rank
Country Continent Oil exports
2022 (bbl/day)[1]		 Export Value
2022 (US$)[2]
 Saudi Arabia (OPEC) Asia7,363,640 $224,795,271,000
 Russia Europe/Asia4,780,354 $119,530,010,000
 Iraq (OPEC) Asia3,712,420 $82,288,984,000
 United States North America3,604,000 $117,034,462,000
 Canada North America3,350,200 $120,502,814,000
 United Arab Emirates (OPEC) Asia2,717,117 $112,723,309,000
 Kuwait (OPEC) Asia1,878,852 $54,328,256,000
 Norway Europe1,558,159 $57,757,614,000
 Nigeria (OPEC) Africa1,388,260 $49,871,423,000
 Brazil South America1,346,417 $42,688,099,000
 Kazakhstan Asia/Europe1,315,167 $35,367,741,000
 Angola Africa1,084,911 $37,400,459,000
 Mexico North America1,011,790 $31,779,788,000
 Oman Asia921,803 $33,227,075,000
 Libya (OPEC) Africa919,828 $31,890,426,000
 Iran (OPEC) Asia900,632 $565,409,000
 United Kingdom Europe540,191 $21,273,239,000
 Colombia South America487,000 $16,185,817,000
 Algeria (OPEC) Africa476,896 $17,466,958,000
 Qatar Asia475,353 $23,395,784,000
 Azerbaijan Asia/Europe441,333 $19,483,624,000
 Venezuela (OPEC) South America438,173 $573,231,000
 Ecuador South America313,333 $10,834,642,000
 Australia Oceania243,573 $10,128,798,000
 Congo (OPEC) Africa242,839 $6,691,573,000
 Malaysia Asia203,333 $7,943,406,000
 Gabon (OPEC) Africa184,911 $5,426,730,000
 Bahrain Asia151,583 $402,622,000
 Sudan Africa116,405 $712,831,000
 Equatorial Guinea (OPEC) Africa80,721 $3,495,618,000
 Egypt Africa71,083 $2,963,094,000
 Vietnam Asia55,083 $2,032,103,000
 Trinidad and Tobago South America54,083 $2,303,818,000
 China Asia41,489 $1,438,104,000
 Indonesia Asia39,583 $1,572,374,000
 Brunei Asia38,917 $1,975,984,000

Oil export revenues

Academic contributors have written about differences in petroleum revenue management in various countries. Many scholars see the natural resource wealth in some countries as a blessing, while others have referred to it as a natural resource curse.[3] A vast body of resource curse literature has studied the role of governance regimes, legal frameworks and political risk in building an economy based on natural resource exploitation.[4][5][6] However, whether it is seen as a blessing or a curse, the recent political decisions regarding the future of petroleum production in many countries were given an extractivist direction, thus also granting a status quo to the exploitation of natural resources.[7] The PRIX index forecasts the effect of political developments on exports from major petroleum-producing countries.[8]

Largest Oil Export Surplus

A country's oil export surplus can be calculated by subtracting the value of its oil imports from the value of its oil exports. Countries with oil export surpluses tend to be more energy independent than those with oil export deficits (importing more oil than they export).

Country Continent Oil Export Surplus
2022 (US$ billions)[2]
 Russia Europe/Asia + $346.7
 Saudi Arabia (OPEC) Asia + $265.1
 Norway Europe + $203.1
 United Arab Emirates (OPEC) Asia + $167.8
 Canada North America + $135.0
 Australia Oceania + $113.2
 Qatar Asia + $94.9
 Iraq (OPEC) Asia + $87.3
 Kuwait (OPEC) Asia + $69.6
 Algeria (OPEC) Africa + $57.7
 United States North America + $55.9
 Oman Asia + $52.8
 Angola Africa + $43.4
 Kazakhstan Asia/Europe + $42.8
 Azerbaijan Asia/Europe + $34.0

See also

References
  1. "Crude Oil: Exports". CEIC. ISI Emerging Markets Group. Retrieved 15 April 2024.
  2. "Crude Oil Exports by Country". World's Top Exports. EZOIC. Retrieved 15 April 2024.
  3. Sachs J. D.; Warner A.M. (2001). "The curse of natural resources" (PDF). European Economic Review. Vol. 4, no. 45. Archived from the original (PDF) on 2017-05-17. Retrieved 2016-07-13.
  4. Humphreys, M., Sachs, J. and Stiglitz, J. E. (2007). "Escaping the resource curse". European economic review. Cambridge University Press.{{cite news}}: CS1 maint: multiple names: authors list (link)
  5. Tietenberg, T. H.; Lewis, L. (2000). "Environmental and natural resource economics".
  6. Ross, M. L. (2003). "The natural resource curse: How wealth can make you poor". European Economic Review. ISBN 978-0-8213-5503-9.
  7. Wilson, E.; Stammler, F. (2015). "Beyond extractivism and alternative cosmologies: Arctic communities and extractive industries in uncertain times". European Economic Review. Vol. 3, no. 1. pp. 1–8. doi:10.1016/j.exis.2015.12.001.
  8. "Nuclear Negotiations, Restructuring at Chevron and a New Political Risk Index for Oil Markets". Alberta Oil Magazine. 2015-06-29. Archived from the original on 2015-12-20. Retrieved 2015-09-26.
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