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.

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)	Asia	7,363,640	$224,795,271,000
Russia (OPEC+)	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 (OPEC+)	South America	1,346,417	$42,688,099,000
Kazakhstan (OPEC+)	Asia/Europe	1,315,167	$35,367,741,000
Angola	Africa	1,084,911	$37,400,459,000
Mexico (OPEC+)	North America	1,011,790	$31,779,788,000
Oman (OPEC+)	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 (OPEC+)	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 (OPEC+)	Asia	203,333	$7,943,406,000
Gabon (OPEC)	Africa	184,911	$5,426,730,000
Bahrain (OPEC+)	Asia	151,583	$402,622,000
Sudan (OPEC+)	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 (OPEC+)	Asia	38,917	$1,975,984,000
Somaliland	Africa		$0

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]

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

References

^ "Crude Oil: Exports". CEIC. ISI Emerging Markets Group. Retrieved 15 April 2024.
^ ^a ^b "Crude Oil Exports by Country". World's Top Exports. EZOIC. Retrieved 15 April 2024.
^ 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.
^ 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)
^ Tietenberg, T. H.; Lewis, L. (2000). "Environmental and natural resource economics".
^ Ross, M. L. (2003). "The natural resource curse: How wealth can make you poor". European Economic Review. ISBN 978-0-8213-5503-9.
^ 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.
^ "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.