List of countries by oil exports
Topic: Finance
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This is a list of countries by oil exports based on data for 2024 by CEIC. Oil in this list refers to base crude oil only, not refined petroleum products such as gasoline, diesel and airplane fuel.
In 2024, 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 2024, 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. By 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 2024 for this category.
List
| Country | Export value 2024 (thousands US$)[1] |
Oil exports 2024 (bbl/day)[2] |
|---|---|---|
 Saudi Arabia (OPEC) |
191,068,167 | 6,049,140 |
 Russia (OPEC+) |
122,487,872 | 4,524,354 |
 United States |
118,499,361 | 4,109,000 |
 United Arab Emirates (OPEC) |
114,863,828 | 2,717,000 |
 Canada |
107,499,738 | 3,568,933 |
 Iraq (OPEC) |
98,371,466 | 3,363,570 |
 Norway |
49,735,668 | 1,690,710 |
 Brazil (OPEC+) |
44,964,285 | 1,706,667 |
 Kazakhstan (OPEC+) |
42,878,761 | 1,425,750 |
 Nigeria (OPEC) |
38,404,923 | 1,522,297 |
 Kuwait (OPEC) |
35,530,010 | 1,175,833 |
 Angola |
31,257,304 | 1,042,071 |
 Libya (OPEC) |
27,290,645 | 1,001,882 |
 Oman (OPEC+) |
25,768,830 | 887,083 |
 Mexico (OPEC+) |
21,707,462 | 847,812 |
 Guyana
|
18,174,888 | – |
 Netherlands
|
17,039,661 | – |
 United Kingdom |
16,014,249 | 475,043 |
 Qatar |
14,965,909 | 540,842 |
 Azerbaijan (OPEC+) |
14,437,356 | 393,917 |
 Algeria (OPEC) |
13,976,238 | 459,492 |
 Colombia |
12,062,243 | 473,250 |
 Venezuela (OPEC) |
9,845,186 | 655,743 |
 Ecuador |
8,646,543 | 356,000 |
 Australia |
7,105,138 | 238,558 |
 Malaysia (OPEC+) |
6,249,794 | 218,167 |
 Congo (OPEC) |
5,432,045 | 236,488 |
 Gabon (OPEC) |
5,226,724 | 204,360 |
 Argentina
|
4,930,467 | – |
 Ghana
|
3,735,368 | – |
 Chad
|
3,206,621 | – |
 Cameroon
|
2,697,654 | – |
 Equatorial Guinea (OPEC) |
2,269,466 | 56,436 |
 Indonesia |
2,228,458 | 67,167 |
 Brunei (OPEC+) |
2,100,528 | 75,289 |
 Spain
|
1,884,604 | – |
 Trinidad and Tobago |
1,616,072 | 51,250 |
 Vietnam |
1,480,375 | 50,333 |
 Egypt |
1,408,882 | 37,667 |
 China |
1,181,828 | 41,668 |
 Belgium
|
957,088 | – |
 Ivory Coast
|
799,801 | – |
 Croatia
|
773,594 | – |
 Senegal
|
763,878 | – |
 Niger
|
748,937 | – |
 Papua New Guinea
|
736,202 | – |
 Sudan (OPEC+) |
697,077 | 84,660 |
 Italy
|
632,755 | – |
 DR Congo
|
601,325 | – |
 Thailand
|
583,036 | – |
 New Zealand
|
423,291 | – |
 Denmark
|
396,231 | – |
 South Sudan
|
388,115 | – |
 Tunisia
|
380,559 | – |
 Mongolia
|
322,111 | – |
 Peru
|
317,738 | – |
 Turkmenistan
|
240,117 | – |
 Philippines
|
168,275 | – |
 Poland
|
101,267 | – |
 Mozambique
|
95,515 | – |
 Pakistan
|
67,637 | – |
 Guatemala
|
66,671 | – |
 Timor-Leste
|
66,095 | – |
 Hungary
|
63,144 | – |
 Liberia
|
52,092 | – |
 South Africa
|
51,468 | – |
 Greece
|
42,743 | – |
 France
|
16,100 | – |
 British Virgin Islands
|
15,097 | – |
 Barbados
|
13,633 | – |
 Chile
|
10,113 | – |
 Romania
|
7,529 | – |
 Sao Tome and Principe
|
6,313 | – |
 Bosnia and Herzegovina
|
4,664 | – |
 Tanzania
|
2,352 | – |
 Singapore
|
2,160 | – |
 Bolivia
|
1,419 | – |
 Germany
|
1,172 | – |
 Latvia
|
710 | – |
 Slovakia
|
694 | – |
 Moldova
|
628 | – |
 Sweden
|
191 | – |
 Ireland
|
74 | – |
 Fiji
|
70 | – |
 Namibia
|
22 | – |
 Iran (OPEC) |
21 | 1,566,220 |
 Czech Republic
|
12 | – |
 Kenya
|
5 | – |
 Sri Lanka
|
3 | – |
 Dominican Republic
|
3 | – |
 Jamaica
|
2 | – |
 Switzerland
|
2 | – |
 Gambia
|
1 | – |
 Botswana
|
1 | – |
 Uganda
|
1 | – |
 Bahrain (OPEC+) |
– | 137,750 |
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]
By 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)[1] |
|---|---|---|
| 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
- List of countries by oil production
- List of countries by exports
- List of countries by net oil exports
- List of countries by proven oil reserves
- History of the Venezuelan oil industry
- Petrodollar recycling
- World energy resources
- Energy development
References
- ↑ 1.0 1.1 "Crude Oil Exports by Country". EZOIC. https://www.worldstopexports.com/worlds-top-oil-exports-country/.
- ↑ "Crude Oil: Exports". ISI Emerging Markets Group. https://www.ceicdata.com/en/indicator/crude-oil-exports.
- ↑ Sachs J. D.; Warner A.M. (2001). "The curse of natural resources". European Economic Review 4 (45). http://mais611.wiki.usfca.edu/file/view/Sachs+and+Warner+Curse+of+Natural+Resources.pdf.
- ↑ Humphreys, M., Sachs, J. and Stiglitz, J. E. (2007). "Escaping the resource curse.". European economic review (Cambridge University Press). http://journals.cambridge.org/action/displayAbstract;jsessionid=F661F3DFC134D02E24E1E8260148BAA1.journals?fromPage=online&aid=1787352.
- ↑ 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. https://books.google.com/books?id=034PFZRJwvIC&dq=Ross,+M.+L.+(2003)+%27The+natural+resource+curse:+How+wealth+can+make+you+poor%27,+Natural+resources+and+violent+conflict:+options+and+actions,+pp.+17-42.&pg=PA17.
- ↑ Wilson, E.; Stammler, F. (2015). "Beyond extractivism and alternative cosmologies: Arctic communities and extractive industries in uncertain times". European Economic Review 3 (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. http://www.albertaoilmagazine.com/2015/06/36733/.
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