BusinessFeatured

Crude oil reigns as world’s top-traded commodity

Global crude oil trade surged to $1.45 trillion in 2022, showcasing a remarkable 46.1% increase in exports from 2021 to 2022.

  • The world’s top 10 oil exporting countries together represent nearly three-quarters of global oil exports in 2022

  • Saudi Arabia topped the throne of annual oil exports from 2020 to 2022, exporting 16.2% of the world’s crude oil.

  • Considering its relatively small size, Kuwait contributed 4.31% to global oil exports, totaling $62.6 billion in oil shipments in 2022

Crude oil stands as the world’s top-traded commodity, vital for producing numerous goods like gasoline, heating fuel, and plastics. The global trade of crude oil surged to $1.45 trillion in 2022, marking a substantial 46.1% growth in exports from 2021 to 2022.

Saudi Arabia topped the throne of annual oil exports from 2020 to 2022, exporting 16.2% of the world’s crude oil.

The United States is also a large exporter, representing 8.16% of exports in 2022.

The world’s top 10 oil exporting countries together represent nearly three-quarters of global oil exports in 2022, according to the US Energy Information Administration.

  1. Saudi Arabia

    In 2022, Saudi Arabia, the Middle East oil powerhouse, led global oil exports, amounting to $236 billion or 16.2% of the total.

    The US Energy Information Administration reports that Saudi Arabia’s daily oil production in 2022 was 12.44 million barrels, reflecting its control over roughly 13% of the world’s oil reserves.

  2. Russia

    In 2022, Russia secured the second spot, accounting for 9.14% of global exports, totaling $133 billion in value.

    Production reached an annual average of 10.13 million barrels per day, produced by major names such as Rosneft, Surgutneftegas, and Gazprom. This represents 10% of global oil production.

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

  3. Canada

    Canada, as the third-largest oil exporter globally, shipped out oil valued at $123 billion in 2022, constituting 8.48% of the total global oil exports.

    The country’s known oil reserves amount to 168 billion barrels, the fourth largest in the world. The bulk of these reserves are located in the oil sands of Alberta.

    As is often the case, the Canadian oil industry is closely linked to the American economy. In 2022, 95.4% of Canadian oil exports went to the United States.

  4. United States

    In 2022, the United States’ oil exports amounted to $118 billion, representing 8.16% of the world’s total exports.

    The country raised its oil production significantly between 2011 and 2020. In 2022, the US produced 20.30 million barrels of oil per day, or about 21% of the global total, making it the largest oil producer in the world.

  5. Iraq

    In 2022, Iraq ranked as the Middle East’s second-largest exporter of crude oil, generating revenues of $111 billion, accounted for 7.62% of the total oil exports.

    Iraq has the fifth largest oil reserves globally, but according to the US Energy Information Agency, the majority of these reserves have already been exploited or are being developed.

    The country also faces the challenge of over-reliance on oil revenues, which accounted for an estimated 95% of government revenues in 2022.

  6. United Arab Emirates

    In 2022, the UAE exported $105 billion worth of oil, which represents 7.24% of global oil exports.

    The Emirates produced 4.23 million barrels per day in 2022, representing 4% of global production.

    It is estimated that the UAE possesses the sixth largest oil reserves in the world, totaling about 100 billion barrels. The country’s economy has become less dependent on oil than it was before, although oil and gas production still represents a good share of the country’s gross domestic product.

  7. Kuwait

    Considering its relatively small size, Kuwait’s status as one of the world’s largest oil exporters is remarkable.

    In 2022, Kuwait contributed 4.31% to global oil exports, totaling $62.6 billion in oil shipments.

    Kuwait produced about 3.01 million barrels of oil per day in 2022, representing 3% of global production.

  8. Norway

    Norway’s oil exports in 2021 reached $58.9 billion, accounting for 4.06% of global oil trade, positioning it as the eighth-largest oil exporter worldwide.

    Norway has the largest oil reserves in Western Europe and sends the vast majority of its oil to its European neighbours.

    The oil industry accounts for 50% of Norwegian exports and more than 20% of gross domestic product (GDP).

  9. Nigeria

    Nigeria’s oil exports amounted to $52.1 billion, representing 3.59% of the global total.

    Nigeria has the largest proven oil reserves in Africa. Most of its reserves, amounting to 37.1 billion barrels, are located along the Niger River Delta, offshore in the Gulf of Guinea, the Gulf of Benin and the Gulf of Bonny.

  10. Kazakhstan

    In 2022, Kazakhstan ranked as the tenth-largest oil exporter globally, with oil exports valued at $47.6 billion, accounting for 3.28% of the global total.



Read Today's News TODAY...
on our Telegram Channel
click here to join and receive all the latest updates t.me/thetimeskuwait





Back to top button