Wednesday, January 30, 2019

World's Top 10 Oil Exporters


The number one exported product in the world is oil. In 2017, the commodity accounted for 4.3% of the global value of all exported products. That year, crude oil shipments in aggregate were worth $841.1 billion.

Below is a list of the top 10 oil exporting countries based on data for all of 2017. These countries account for two-thirds of total global oil exports.

1. Saudi Arabia

Officially known as the Kingdom of Saudi Arabia, the country of Saudi Arabia is the world's number one oil exporter and the country with the largest amount of oil reserves. Formed in 1932, the country was responsible for 15.9% of global oil exports in 2017, totaling $133.6 billion in value. The country is located on the Arab peninsula and is comparable in size to Alaska.

2. Russia

The massive, transcontinental country of Russia is the world's second-largest oil exporter. In 2017, Russia's oil exports accounted for 11.1% of global oil exports, exceeding a value of $93 billion. As a size comparison, Russia is twice as large as the entire United States.

3. Iraq

Initially formed in 1932, Iraq is the world's third-largest exporter of oil. In 2017, Iraq exported $61.5 billion worth of the commodity, which accounts for 7.3% of global exports. Located in the Middle East, Iraq is comparable in size to California.

4. Canada

The northernmost nation in North America, Canada is the world's fourth-largest exporter of oil. In 2017, the country exported $54 billion worth of the commodity, or 6.4%. Due to the size of the Athabasca oil sands, it is estimated that Canada has more than 10% of the world's oil reserves.

5. United Arab Emirates

Number five on the list is the United Arab Emirates (UAE). Located on the Arabian peninsula, the UAE is approximately the size of South Carolina. In 2017, the UAE exported 5.9% of the world's total oil exports, accounting for $49.3 billion.

6. Iran

Iran is the second largest country by land area in the Middle East, and about twice the size of Texas. It is sixth on the list in 2017, exporting $40.1 billion worth of oil for a share of 4.8% of the global total.

7. Kuwait

Given its small size, it is impressive that the State of Kuwait is number seven on the list of the world's top oil exporters. The country, established in 1752 and located in the Arabian peninsula, is about the size of Connecticut. In 2017, the country exported $38.2 billion worth of oil, or 4.5% of the world's total.

8. Nigeria

The Federal Republic of Nigeria, located on the western bend of the African continent is the world's eighth-largest exporter of oil. The republic was declared in 1960 and has since become a nation with a $375.8 billion gross domestic product (GDP). Nigeria exported 3.9% of the world's total in 2017 with a value of $33 billion. Based on land size, the country is comparable to Texas.

9. Angola

The Republic of Angola, in the southern portion of Africa, is the world's ninth-largest oil exporter. About 3.6% of the world's 2017 oil exports came from Angola, and they had a value of $30.5 billion. The country gained its independence from Portugal in 1975. It is located in southern Africa and is comparable in size to Alaska.

10. Kazakhstan

The Republic of Kazakhstan in northern central Asia is the 10th-largest exporter of oil in the world. The nation was formed in December 1991 after gaining independence from the Soviet Union. Based on land size, it is about twice the size of Alaska. In 2017 (the latest full-year data available), the country was responsible for 3.2% of the world's oil exports, worth about $26.6 billion.

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