Which country exports the most oil?
- Saudi Arabia: US$161.7 billion (16.5% of exported crude oil)
- Russia: $82 billion (8.3%)
- Canada: $74 billion (7.5%)
- Iraq: $72.1 billion (7.3%)
- United Arab Emirates: $69.4 billion (7.1%)
- United States: $41 billion (4.2%)
- Norway: $40.2 billion (4.1%)
- Kuwait: $36.3 billion (3.7%)
Russia is the world's largest exporter of oil to global markets and the second largest crude oil exporter behind Saudi Arabia. In December 2021, it exported 7.8 mb/d, of which crude and condensate accounted for 5 mb/d, or 64%.
- United States. The largest economy in the world, the U.S. is also the largest producer of oil. ...
- Saudi Arabia. Saudi Arabia, officially the Kingdom of Saudi Arabia, has 17% of the world's proven crude oil reserves, second largest in the world. ...
- Russia. ...
- Canada. ...
- China.
| Country | Barrels per Day | 2022 Population |
|---|---|---|
| United States | 11,567,000 | 338,289,857 |
| Russia | 10,503,000 | 144,713,314 |
| Saudi Arabia | 10,225,000 | 36,408,820 |
| Canada | 4,656,000 | 38,454,327 |
In recent history, the top three producers have been the United States, Russia, and Saudi Arabia. Each of these countries experienced major production declines at different times in the past, but since 2014 all three have been producing near their peak rates of 9 to 11 million barrels per day.
Germany, Italy, and the Netherlands—members of both the EU and NATO—were among the largest importers, with only China surpassing them. China overtook Germany as the largest importer, importing nearly 2 million barrels of discounted Russian oil per day in May—up 55% relative to a year ago.
The reason that U.S. oil companies haven't increased production is simple: They decided to use their billions in profits to pay dividends to their CEOs and wealthy shareholders and simply haven't chosen to invest in new oil production.
Despite the ongoing impact the pandemic has had on U.S. oil production, the U.S. remained the world's top oil producer in 2021 at 11.2 million BPD. Russia and Saudi Arabia retained their positions at #2 and #3.
- The top five sources of U.S. total petroleum (including crude oil) imports by percentage share of total petroleum imports in 2021 were:
- Canada51%
- Mexico8%
- Russia8%
- Saudi Arabia5%
- Colombia2%
How the accessibility of oil reserves impacts profitability. Venezuela has the largest amount of oil reserves in the world with more than 300 billion barrels in reserve. Saudi Arabia has the second-largest amount of oil reserves in the world with 297.5 billion barrels.
Does the US produce enough oil for itself?
The U.S does indeed produce enough oil to meet its own needs. According to the U.S. Energy Information Administration (EIA), in 2020 America produced 18.4 million barrels of oil per day and consumed 18.12 million. And yet that same report reveals that the U.S. imported 7.86 million barrels of oil per day last year.
| # | Country | World Share |
|---|---|---|
| 1 | United States | 20.3 % |
| 2 | China | 13.2 % |
| 3 | India | 4.6 % |
| 4 | Japan | 4.1 % |
- China 510.7.
- India 210.4.
- United States 172.7.
- South Korea 129.9.
- Japan 127.9.
- Germany 81.5.
- Spain 58.
- Italy 57.9.
Saudi Arabia, the largest OPEC petroleum exporter to the United States, was the source of 5% of U.S. total petroleum imports and 6% of U.S. crude oil imports. Saudi Arabia is also the largest source of U.S. petroleum imports from Persian Gulf countries.
The U.S. Is Becoming The World's Largest Oil And Natural Gas Exporter.
Even though the United States remained a net importer of crude oil in 2021, crude oil net imports were at the second lowest annual level since 1985. Some of imported crude oil is refined into petroleum products that are exported.
United States exported more petroleum than it imported in 2020, according to EIA. In 2020, the United States exported more petroleum than it imported – marking the first time that has happened, according to the U.S. Energy Information Administration's February 2021 Short-Term Energy Outlook.
