FX.co ★ Top 5 oil exporters
Top 5 oil exporters
1st place - Saudi Arabia
This Middle Eastern state remains the world's largest oil exporter and the leading producer within the Organization of the Petroleum Exporting Countries and globally. In 2022, Saudi Arabia earned $236 billion, which accounted for about 16% of the total value of worldwide oil exports. At that time, the country produced more than 12 million barrels of oil per day, possessing about 13% of the world's oil reserves.
2nd place - Russia
In 2014, after Russia annexed Crimea, the United States and the European Union imposed economic sanctions restricting Russian energy companies' access to Western markets. The escalation of the Russian-Ukrainian conflict in February 2022 led to tougher sanctions against Moscow, including a ban on Russian oil imports. Nevertheless, this did not prevent the country from becoming the world’s second-largest oil exporter in 2022, accounting for 9% of global exports, or $133 billion.
3rd place - Canada
Canada ranks third in the world in terms of oil exports. In 2022, this North American country exported $123 billion worth of oil, accounting for more than 8% of the world's total oil exports. Canada is also among the top five oil producers globally. In 2022, its oil reserves were estimated at 168 billion barrels, with the majority concentrated in the oil sands of Alberta.
4th place - United States
The United States, home to the largest oil companies globally, including Chevron, ConocoPhillips, and Exxon Mobil, takes the fourth spot in the ranking of the world's leading oil producers. In 2022, the country produced 20 million barrels per day, nearly 21% of the global volume, and exported $118 billion worth of oil, comprising over 8% of global exports.
5th place - Iraq
Iraq rounds out the list of the top five oil-exporting countries. In 2022, this Middle Eastern state exported $111 billion worth of crude oil, accounting for over 7% of all oil exports. Interestingly, Iraq currently holds the fifth-largest oil reserves in the world. However, according to the US Energy Information Administration, most of these reserves are still being developed.
