The number one exported product in the world is oil. In 2015, the commodity accounted for 4.8% of the global value of all exported products. That year, crude oil shipments in aggregate were worth $786.3 billion, and 107 countries engaged in oil exporting. Below is a list of the top 10 oil exporting countries as of August 2016, which account for two-thirds of 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 17% of global oil exports in 2015, totaling $133.3 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 2015, Russia's oil exports accounted for 11% of global oil exports, exceeding a value of $86 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 2015, Iraq exported $52.2 billion worth of the commodity, which accounts for 6.6% of global exports. Located in the Middle East, Iraq is comparable in size to California.

4. United Arab Emirates

Number four on the list is the United Arab Emirates (UAE). Located on the Arabian peninsula, the UAE is approximately the size South Carolina. In 2015, the UAE exported 6.5% of the world's total oil exports, accounting for $51.2 billion.

5. Canada

The northernmost nation in North America, Canada is the world's fifth-largest exporter of oil. In 2015, the country exported $50.2 billion worth of the commodity, or 6.4%. Due to the size of the Athabasca oil sands, it is estimated that Canada has approximately 13% of the world's oil reserves. These reserve levels are only topped by Venezuela and Saudi Arabia.

6. Nigeria

The Federal Republic of Nigeria, located on the western bend of the African continent is the world's sixth-largest exporter of oil. The republic was declared in 1960 and has since grown into a nation with a $490 billion gross domestic product (GDP), the highest in Africa by a factor of 1.5. Nigeria exported 4.8% of the world's total in 2015 with a value of $38 billion. Based on land size, the country is comparable to Texas.

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 2015, the country exported $34.1 billion worth of oil, or 4.3% of the world's total.

8. Angola

The Republic of Angola, in the southern portion of Africa, is the world's eighth-largest oil exporter. About 4.1% of the world's 2015 oil exports came from Angola, and they had a value of $32.6 billion. The country gained its independence from Portugal in 1975, is located in southern Africa and is comparable in size to Alaska.

9. Venezuela

Ninth on the list of oil exporters is Venezuela, which is officially known as the Bolivarian Republic of Venezuela. It is a country in the northern section of South America, and based on its size, it's comparable to Texas in land area. While the country gained its independence from Spain in 1811, it was officially recognized in 1845. Venezuela produced 3.5% of the world's oil exports in 2015, amounting to $27.8 billion.

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 2015 (the latest full year data), the country was responsible for 3.3% of the world's oil exports, worth about $26.2 billion

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