Global supplies of crude oil, representing 4.3% of the world value of all exports, amounted to USD 841.1 billion in 2017. This dollar figure reflects a decline of -46.5% since 2013, but a rise of 30.4% from 2016 to 2017.
Oil is the world’s second largest export product, second only to the worth of automotive exports – at the least in 2017, when oil prices are still relatively lower and with strong international automotive sales.
In 2017, the best dollar value of crude oil was exported to the Middle East countries, with deliveries amounting to $356.3 billion, accounting for 42.4% of worldwide crude oil exports. At the continental level, almost half come from Asian countries (49.4%). Europe provides 18% of the entire, followed by Africa with 13.4% and North America with 11.4%.
Smaller percentages come from Latin America excluding Mexico but including the Caribbean (6.9%) and Oceania, led by Australia (0.6%).
Below are the 15 countries that exported essentially the most crude oil in dollar terms in 2017:
- Saudi Arabia: USD 133.6 billion (15.9% of total oil exports)
- Russia: $93.3 billion (11.1%)
- Iraq: $61.5 billion (7.3%)
- Canada: $54 billion (6.4%)
- United Arab Emirates: $49.3 billion (5.9%)
- Iran: $40.1 billion (4.8%)
- Kuwait: $38.2 billion (4.5%)
- Nigeria: $33 billion (3.9%)
- Angola: $30.5 billion (3.6%)
- Kazakhstan: $26.6 billion (3.2%)
- Norway: $25.9 billion (3.1%)
- Venezuela: $23.1 billion (2.7%)
- United States: $21.8 billion (2.6%)
- Mexico: $19.9 billion (2.4%)
- UK: $19 billion (2.3%)
The 15 countries mentioned above accounted for 79.6% of all crude oil exports in 2017 (in value terms).
Only two of the above 15 largest exporters increased the worth of their crude oil supplies between 2013 and 2017, namely the United States, where revenues increased by 328%, and Iraq, which saw a slight increase of 0.6%.
13 other major oil sources experienced declines over the 5-year period, from -69.2% for Venezuela and -55.5% for Nigeria to -32% for Canada and -14.5% for Iran.
Other notable declines include -54.5% for Saudi Arabia, -53.6% for Kazakhstan, -53.4% for Angola, -53.3% for Mexico, -52.1% for Kuwait, -48% for Norway and -46.3% for Russia.
As for Southeast Asian countries, here is the rating:
24. Malaysia $6.9 billion 0.8%
26. Indonesia $5.2 billion 0.6%
31. Vietnam $2.9 billion 0.3%
33. Brunei Darussalam $2.2 billion 0.3%
44. Thailand $694.9 million 0.1%
56. Philippines $185.9 million 0.02%
63. East Timor $73.4 million 0.01%
64. Singapore $69.9 million 0.01%
69. Burma $45.5 million 0.01%
Source:
The World Factbook, List of fields: Export – goods, Central Intelligence Agency. Accessed: May 15, 2018
Trade Map, International Trade Center. Accessed: May 15, 2018
Investopedia, Definition of Net Exports. Accessed: May 15, 2018
Wikipedia, Wielki Olej. Accessed: May 15, 2018
Forbes 2015 Global 2000 rankings, The world’s largest public corporations. Accessed: May 15, 2018
