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

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.

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 import 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) Asia 7,363,640 $224,795,271,000
 Russia Europe/Asia 4,780,354 $119,530,010,000
 Iraq (OPEC) Asia 3,712,420 $82,288,984,000
 United States North America 3,604,000 $117,034,462,000
 Canada North America 3,350,200 $120,502,814,000
 United Arab Emirates (OPEC) Asia 2,717,117 $112,723,309,000
 Kuwait (OPEC) Asia 1,878,852 $54,328,256,000
 Norway Europe 1,558,159 $57,757,614,000
 Nigeria (OPEC) Africa 1,388,260 $49,871,423,000
 Brazil South America 1,346,417 $42,688,099,000
 Kazakhstan Asia/Europe 1,315,167 $35,367,741,000
 Angola Africa 1,084,911 $37,400,459,000
 Mexico North America 1,011,790 $31,779,788,000
 Oman Asia 921,803 $33,227,075,000
 Libya (OPEC) Africa 919,828 $31,890,426,000
 Iran (OPEC) Asia 900,632 $565,409,000
 United Kingdom Europe 540,191 $21,273,239,000
 Colombia South America 487,000 $16,185,817,000
 Algeria (OPEC) Africa 476,896 $17,466,958,000
 Qatar Asia 475,353 $23,395,784,000
 Azerbaijan Asia/Europe 441,333 $19,483,624,000
 Venezuela (OPEC) South America 438,173 $573,231,000
 Ecuador South America 313,333 $10,834,642,000
 Australia Oceania 243,573 $10,128,798,000
 Congo (OPEC) Africa 242,839 $6,691,573,000
 Malaysia Asia 203,333 $7,943,406,000
 Gabon (OPEC) Africa 184,911 $5,426,730,000
 Bahrain Asia 151,583 $402,622,000
 Sudan Africa 116,405 $712,831,000
 Equatorial Guinea (OPEC) Africa 80,721 $3,495,618,000
 Egypt Africa 71,083 $2,963,094,000
 Vietnam Asia 55,083 $2,032,103,000
 Trinidad and Tobago South America 54,083 $2,303,818,000
 China Asia 41,489 $1,438,104,000
 Indonesia Asia 39,583 $1,572,374,000
 Brunei Asia 38,917 $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[clarification needed], thus also granting a status quo[clarification needed] to the exploitation of natural resources.[7] The PRIX index forecasts the effect of political developments on exports from major petroleum-producing countries.[8]

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.

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. ^ a b "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.
  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.