The World's 10 Biggest Oil Exporters

Oil was the most traded product in the world in 2021 (latest information), by total trade value. In 2021, crude petroleum accounted for 4.52% of global trade.

Crude oil is unrefined petroleum that's used to manufacture many products, including gasoline, heating fuel, and plastics. As of 2022, global oil production reached 93.9 million barrels per day in 2022.

Historically, Saudi Arabia has led the world in annual oil exports, but that changed in 2019 when the United Arab Emirates overtook it as the world's biggest oil exporter. In 2020, Saudi Arabia recaptured the top spot and as of 2021, still holds the number one position, exporting 14.5% of the world's crude petroleum. The United States is also a large exporter, accounting for 7.11% of exports in 2021.

This article looks at the top 10 oil-exporting countries in the world. Together, these 10 countries accounted for nearly three-quarters of global oil exports in 2021.

1. Saudi Arabia

This Middle Eastern oil powerhouse was the world's top oil exporter in 2021 with $138 billion in oil exports. That represents 14.5% of global oil exports. It also remains the top oil producer in the Organization of the Petroleum Exporting Countries (OPEC), producing 12.14 million barrels of oil per day, or about 12% of global output in 2022.

Saudi Arabia possesses approximately 15% of the world's oil reserves. As such, the industry accounts for as much as 70% of the country's exports and more than half of government revenue.

2. Russia

Russia takes the second spot. In 2021, it accounted for 11.8% of global exports, totaling $113 billion. Production reached an annual average of 10.94 million barrels per day, produced by major names like Rosneft, Surgutneftegas, and Gazprom. This accounts for 11% of global oil production.

In 2014, the U.S. and European Union (EU) slapped economic sanctions on Russia after it annexed Crimea from Ukraine. As a result, Russian energy companies are prohibited from accessing capital markets in these regions. Russia's invasion of Ukraine in Feb. 2022 compelled the U.S. to adopt even more severe sanctions, including a ban on imports of Russian oil.

The European market was highly reliant on Russian oil exports until Russia invaded Ukraine in 2022, which saw the world move away from importing Russian oil after sanctions were put on the country.

3. Canada

Canada is the world's third-largest exporter of oil as of 2021. The $81.2 billion worth of oil it exported in 2021 comprised 8.54% of the global total. Its known oil reserves of 168 billion barrels are the fourth-largest in the world. The bulk of those reserves is located in Alberta's oil sands.

As is often the case, Canada's oil industry is closely connected to the U.S. economy. In 2021, 97% of Canadian oil exports went to the United States, and Canadian oil accounted for 62% of all U.S. oil imports.

Some of the world's major energy companies call Canada home, including Enbridge (ENB.TO), Suncor (SU.TO), and Imperial Oil (IMO.TO).

4. Iraq

Iraq was the world's fourth-largest exporter of oil in 2021, with $72 billion in revenue and exporting 7.57% of all oil exports that year. It is the second-largest producer in OPEC after Saudi Arabia.

Iraq has the fifth-largest oil reserves in the world, but according to the U.S. Energy Information Agency, the majority of those reserves are already tapped or being developed. Iraq also faces the challenge of being over-reliant on oil revenues, which accounted for an estimated 92% of government revenues in 2019.

5. United States

The United States is the fifth-largest oil exporter. It exported $67.6 billion worth of oil in 2021, comprising 7.11% of global exports. The country significantly increased its oil output between 2011 and 2020. In 2022, the U.S. produced 20.21 million barrels of oil per day, about 20% of the global total, making it the world's largest oil producer.

The U.S. is home to some of the world's largest oil companies, including Chevron (CVX), ConocoPhillips (COP), and Exxon Mobil (XOM).

6. United Arab Emirates (UAE)

The United Arab Emirates, a small country approximately the size of South Carolina, exported $58.5 billion worth of oil in 2021, accounting for 6.15% of global oil exports. The UAE produced 4.24 million barrels per day in 2022, accounting for 4% of global output.

The UAE is estimated to have the seventh-largest oil reserves in the world, totaling approximately 100 billion barrels. The country's economy is less dependent on oil than it once was, though oil and gas output still accounts for about 30% of GDP.

7. Nigeria

Nigeria was the world's seventh-largest exporter of oil in 2021. The country exported $41.8 billion worth of oil, about 4.4% of the global total. Nigeria has the largest proven oil reserves in Africa. Most of its 37 billion barrels of reserves are located along the Niger River Delta and offshore in the Gulf of Guinea, Bight of Benin, and Bight of Bonny.

8. Norway

Norway exported $41.5 billion worth of oil in 2021, accounting for 4.36% of the global oil trade. This makes it the eighth-largest oil exporter in the world.

Norway has the largest oil reserves in Western Europe and sends the vast majority of its oil to its European neighbors. The oil industry accounts for 50% of Norwegian exports and over 20% of GDP.

9. Kuwait

Given its small size, it is impressive that Kuwait is on the list of the world's top oil exporters. The country is located in the Arabian peninsula and is about the size of Connecticut.

Kuwait accounted for 4.21% of global oil exports in 2021, shipping $40.1 billion worth of oil that year. Kuwait produced about 3.02 million barrels of oil per day in 2022, making it the world's tenth-largest producer. The country's reserves are the seventh-largest in the world.

10. Brazil

Brazil is the tenth-largest exporter of oil in the world, exporting $30.7 billion worth of oil in 2021, accounting for 3.23% of the world's total.

In 2022, the country produced 3.77 million barrels of oil per day, which was 4% of the world's total. The country has 12.7 billion barrels of oil reserves; the second-largest in South America, after Venezuela.

The Bottom Line

Oil is the most in-demand product in the world, which comes as no surprise given its many uses. The largest oil exporters span the globe, with Saudi Arabia taking the top spot. Each spot on the list changes every year due to the global political climate, the price of oil, and the domestic atmosphere of each country.

Russia held the top spot in 2021, which was the latest figure available; however, it will significantly drop from that spot after it invaded Ukraine in 2022, which caused the world to slap sanctions on the country and move away from its oil. For all of these nations, however, oil is a prized commodity and a strong contributor to GDP.