Crude oil, a crucial oil, is exporting across the world, navigating a complex web of factors that influence its global market dynamics.
(Credit: LinkedIn)
The Top 25 Oil Exporting Countries in the World in 2024 will be examined in this article. It takes a sophisticated grasp of the many variables that influence the dynamics of the global oil market to navigate its complex web. As we approach 2024, it is evident how crucial oil is as a foundational commodity.
This sector’s importance underscores the need to learn more about the Top 25 Oil Exporting Nations in 2024. PPE, plastics, chemicals, fertilizers, medicines, and many other industries use petroleum products.
The value of the crude oil market was $1424.38 billion in 2022, and it is expected to rise at a compound annual growth rate (CAGR) of 1.8% to reach $1613.84 billion by 2029. This projected expansion highlights how crucial crude oil will always be as a global commodity, even in the face of changing energy markets and sustainability issues. In contrast to the IEA’s estimate of 1.1 million barrels per day for the same period, OPEC projects that global oil demand will reach 2.25 million barrels per day in 2024.
As stated by U.S. According to the Energy Information Administration, U.S. crude oil exports reached a significant milestone in the first half of 2023 when they averaged 3.99 million barrels per day (b/d). This number is the highest for the first half of a year since 2015, the year the U.S. lifted its restriction on the majority of crude oil exports.
Europe was the region’s top recipient of crude oil in terms of volume during the first half of 2023, with 1.75 million barrels per day (b/d) exported by the United States. Interestingly, the UK and the Netherlands accounted for the majority of this substantial amount through exports. Closely behind, Asia ranked as the second-biggest regional destination over the same period, taking in 1.68 million b/d, mostly from exports to South Korea and China. In addition, the US exported relatively modest amounts of crude oil to South America, Africa, Central America, and Canada.
It’s important to remember that, as a net importer of crude oil, the United States continues to import more crude oil than it exports, even with the spike in exports seen in the first half of 2023. This relationship highlights how important it is for the US to continue to be a key participant in the world’s crude oil trade while keeping a careful balance between import and export operations.
The objective of this article is to present a thorough analysis of the world’s top 25 oil exporting nations in 2024, highlighting the changing dynamics of oil production and exports. The Russia-Ukraine war has become a crucial factor in the constantly shifting dynamics, having a notable impact on the world oil market. Russia has made the strategic decision to reroute its petroleum and crude shipments to South and East Asia in response to geopolitical developments, which will have significant effects.
Meanwhile, the European markets that were formerly supplied with oil and products from the Middle East and Asia have undergone a recalibration. The United States and the European Union have responded by putting wide sanctions on Russia’s exports while the geopolitical undercurrents change commercial patterns. Large exclusions and a cautious enforcement strategy, however, limit these regulations.
Notably, the battle has caused the price of WTI crude oil to fluctuate by 70.72% and the price of Brent crude oil to fluctuate by 73.62%, highlighting the significant impact of geopolitical events on the volatility of oil markets.
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This article essentially examines the Top 25 Oil Exporting Nations in the World in 2024, summarizing the interdependencies between the world’s economies, the subtleties of geopolitics, and market dynamics that together influence the direction of the oil sector in the modern period. It is also essential to highlight some of the major industry titans that have left their impact, such as Chevron Corporation (NYSE:CVX), ConocoPhillips (NYSE:COP), and Exxon Mobil Corporation (NYSE:XOM).
Exports of Crude Oil in 2022: $5,591,254,000
First on our list of the Top 25 Oil Exporting Nations in the World for 2024 is Ghana, a major exporter of oil from the Gulf of Guinea that has experienced substantial economic change since offshore reserves were found. It has effectively negotiated the industry’s difficulties by utilizing strategic partnerships, which has fueled growth and diversified its economy. Ghana’s oil journey highlights the country’s dedication to sustainable growth and wealth, positioning it as a beacon of progress in West Africa.
Exports of crude oil in 2022: $6,691,573,000
Despite obstacles, the Democratic Republic of the Congo (DRC) has grown into a significant oil exporter. With large oil reserves, especially in the east, Congo hopes to use its oil resources to spur economic expansion while luring investment and enhancing infrastructure, underscoring its rise to prominence in the African energy market. On our list of the Top 25 Oil Exporting Nations in the World for 2024, Congo is ranked number 24.
Crude Oil Exports: $7,943,406,000 in 2022
Malaysia’s oil exports fell from 209.182 thousand barrels per day in December 2021 to 203.333 thousand barrels per day in December 2022. In spite of this, Malaysia continues to play a significant role in the global LNG and oil markets, underscoring the dynamic character of the sector and the nation’s continuous efforts to hold onto its place in Southeast Asia’s energy landscape.
Exports of Crude Oil in 2022: $10,128,798,000
Australia’s oil exports decreased from 257.284 thousand barrels per day in December 2021 to 243.573 thousand barrels per day in December 2022. Australia continues to be a major oil exporter, supporting both its economy and the world’s energy markets, despite this downturn. These erratic export numbers demonstrate the oil industry’s dynamic character, which makes continual innovation and adaptation necessary to preserve Australia’s standing in the world energy arena.
Crude Oil Exports: $10,834,642,000 in 2022
On our list of the Top Oil Exporting Nations in the World for 2024, Ecuador comes in at number twenty-first. Ecuador’s oil exports fell from 315.833 thousand barrels per day in December 2021 to 313.333 thousand barrels per day in December 2022. Ecuador is still a major oil exporter in spite of this, which is important for both its economy and the world’s energy markets. These swings highlight how fluid the oil business is, making constant tactics necessary to preserve Ecuador’s standing in the world energy arena.
Crude Oil Exports: $16,185,817,000 in 2022
Colombia’s oil exports increased from 422.167 thousand barrels per day in December 2021 to 487.000 thousand barrels per day in December 2022, reaffirming its position as a significant worldwide exporter. This rise highlights Colombia’s importance to its economy and energy markets, underscoring the necessity of continuing tactics to uphold and improve its standing in the sector.
Crude Oil Exports: $17,466,958,000 in 2022
Algeria became a major global exporter as its crude oil shipments increased to 476.896 thousand barrels per day in December 2022 from 445.982 thousand barrels per day in December 2021. This increase emphasizes Algeria’s significance in the energy markets and its economy, underscoring the need for ongoing measures to strengthen Algeria’s position in the sector.
Crude Oil Exports: $19,483,624,000 in 2022
Crude oil exports from Azerbaijan fell from 482.750 thousand barrels per day in December 2021 to 441.333 thousand barrels per day in December 2022. Azerbaijan is still a major oil exporter, which is important for its economy and the world’s energy markets, notwithstanding this downturn. These variations underscore the industry’s dynamic character and the necessity of continuous endeavors to preserve Azerbaijan’s standing in the international energy arena.
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Crude Oil Exports: $21,273,239,000 in 2022
We rank the United Kingdom seventeenth among the Top 25 Oil Exporting Nations for 2024. From December 2021 to December 2022, the United Kingdom exported 540.191 thousand barrels of crude oil per day. Even with this decline, the UK is still a major oil exporter, which is important for the world’s energy markets. Variations in the sector emphasize the need to maintain the UK’s global competitiveness in the energy industry.
Exports of Crude Oil in 2022: $23,395,784,000
In December 2022, Qatar exported 475.353 thousand barrels of crude oil per day, a little increase from 474.261 thousand barrels per day in the same month the previous year. Notwithstanding these oscillations, Qatar continues to be a major oil exporter and an important player in the world energy markets as well as its own economy.
Exports of Crude Oil in 2022: $31,779,788,000
With its substantial reserves and long-established industry, Mexico is a prominent oil exporter. Despite obstacles, Mexico continues to play a significant role in global energy supply chains.
Exports of Crude Oil in 2022: $31,890,426,000
Libya’s daily crude oil shipments fell from 1,090.621 thousand barrels in December 2021 to 919.828 thousand barrels in December 2022. Libya continues to be a major oil exporter despite this decline, underscoring the industry’s dynamic nature and the necessity of constant adaptation to preserve its standing in the world.
Exports of Crude Oil in 2022: $33,227,075,000
Oman is ranked Thirteenth on our ranking of the Top 25 Oil Exporting Nations in the World for 2024. From 896.706 thousand barrels per day in December 2021 to 921.803 thousand barrels per day in December 2022, Oman’s crude oil exports increased. With its dynamic nature and continual efforts to maintain its global position, Oman remains a major oil exporter.
Crude Oil Exports: $35,367,741,000 in 2022
From December 2021 to December 2022, Kazakhstan exported 1,323,000 barrels per day of crude oil. In spite of this, Kazakhstan continues to play a significant role in the world oil market, demonstrating the dynamic nature of the sector and the necessity of ongoing adaptation to maintain market share.
Exports of Crude Oil in 2022: $37,400,459,000
The abundant reserves and well-established industry of Angola make it a major oil exporter. Angola continues to be a major player in the global oil trade despite sporadic oscillations, highlighting the industry’s dynamic character and the need for ongoing adaptation to maintain its position.
Exports of crude oil in 2022: $42,688,099,000
On our list of the Top 25 Oil Exporting Nations in the World for 2024, Brazil is ranked tenth. Brazil’s crude oil exports rose from 1,292.333 thousand barrels per day in December 2021 to 1,346.417 thousand barrels per day in December 2022. This increase highlights Brazil’s important contribution to the world energy markets, its economy, and its position as an oil exporter.
Exports of Crude Oil in 2022: $49,871,423,000
Nigeria’s daily crude oil exports fell from 1,592.333 thousand barrels in December 2021 to 1,388.260 thousand barrels in December 2022. Nigeria continues to play a significant role in the oil export industry despite this decline, having an effect on both its economy and the world’s energy markets. Nigeria is ranked ninth on our ranking of the world’s top oil exporting nations for 2024.
Exports of Crude Oil in 2022: $54,328,256,000
Kuwait exported 1,878.852 thousand barrels of crude oil per day in December 2022, up from 1,740.452 thousand barrels per day in December 2021. This noteworthy rise highlights Kuwait’s important position as a major oil exporter.
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Exports of crude oil in 2022: $57,757,614,000
Norway is the seventh nation on our list of the world’s oil-exporting nations in 2024. Norway’s crude oil exports decreased somewhat from 1,563.389 thousand barrels per day in December 2021 to 1,558.159 thousand barrels per day in December 2022. Norway remains a major oil exporter despite this slight decline, affecting both its economy and global energy markets.
6. Iraq
Exports of Crude Oil in 2022: $82,288,984,000
Iraq is ranked sixth on our ranking of the top 25 oil exporting nations in the world for 2024. Iraq’s daily exports of crude oil increased from 3,439.550 thousand barrels in December 2021 to 3,712.420 thousand barrels in December 2022. This noteworthy increase highlights Iraq’s important position as a major oil exporter.
Crude Oil Exports: $112,723,309,000 in 2022
Crude oil exports from the United Arab Emirates increased to 2,717.117 thousand barrels per day in December 2022 from 2,304.910 thousand barrels per day in December 2021. This expansion highlights the country’s crucial role in the world’s oil markets as well as its economy, underscoring the industry’s dynamic nature and the necessity of constant adaptation to preserve its position.
Crude Oil Exports: $117,034,462,000 in 2022
The United States exported 3,604.000 thousand barrels of crude oil per day in December 2022, a significant rise over the 2,963.000 thousand barrels per day reported in December 2021. This increase highlights the country’s economic clout and its critical position in the world’s oil markets.
Crude Oil Exports: $119,530,010,000 in 2022
Russia’s daily crude oil exports increased from 4,510.455 thousand barrels in December 2021 to 4,780.354 thousand barrels in December 2022. Both Russia’s economy and world’s energy markets benefit from its status as a major oil exporter.
Crude Oil Exports: $120,502,814,000 in 2022
Compared to December 2021, Canada exported 3,187.798 thousand barrels of crude oil a day. Canada gains clout in the world energy markets and strengthens its position as a major oil exporter. The oil business in Canada is a major employer and source of income, contributing significantly to the country’s GDP.
Exports of crude oil in 2022: $224,795,271,000
Saudi Arabia possesses 17% of the world’s proven petroleum reserves, making it a powerhouse in the energy sector. The country exported 7,363.640 thousand barrels per day in December 2022 as an OPEC member. Due to its abundant exports, Saudi Arabia will continue to be the world’s largest oil exporter in 2023. Saudi Arabia’s sizable reserves and prominent position in the world market have an impact on the oil sector.
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