Oil is one of the top money-making commodities in the world. Since 2016 the world has experienced a serious climb in terms of oil prices and also such of the ever-increasing demand for oil. It seems that the production of oil is a process that only steps if there is no more oil to extract.
Inflation and the ratio of supply and demand in the oil industry have kept the oil operation at all items high also has forced oil extraction rates to skyrocket.
Here is the list of the Top 10 Oil Exporting countries in the World:
10. Brazil
Supply: 2.622 million BPD
Brazil ranked 10th Position in exporting Oil Exporting countries. It shows that the population size and the total area of the nation do have not to do much with oil production. It is hoped that this country will supply more.
9. Kuwait
Supply: 2.753 million BPD
As a small country, it’s very impressive that Kuwait is also on the list of the world’s top oil exporters. The country is located in the Arabian Peninsula and also is about the size of Connecticut.
Kuwait has accounted for 4.32% of global oil exports in 2020, that year the shipping was worth $27.6 billion. In 2022, Kuwait is the ninth-largest oil exporter 2022. It is unlikely many oil-producing countries and one Western Asian nation experienced a severe drop in oil production rates between 2016 and 2020. Kuwait supplied 3,072,000 barrels per day of oil compare with 2,753,000 BPD in 2020.
8. The United Arab Emirates
Supply: 3.174 million BPD
The United Arab Emirates is mainly a small country in South Carolina and exported 4176 billion worth of oil in 2019, also accounting for 16.13% having such global oil exports. The UAE has estimated eighth largest exporter of oil in The United Arab Emirates. The current reports reveal a maximum of the oil comes from Zakum Field which holds about 66 billion barrels of oil services. The United Arab Emirates supplied 100 million barrels to the country.
7. Nigeria
Supply: 3.7 million BPD
Nigeria, Africa’s one of the most popular countries become the seventh-largest exporter of oil in 2020. The country has exported $100 million BPD and about 4.68% globally. Nigeria enjoys a relatively diverse crowd with clients and imports the oil. In 2018, Nigerian exports went to India, 11% to Spain, 10% to the Netherlands, and 10% to the US.
6. Canada
Supply: 3.977 million BPD
Canada is the world’s fourth-largest exporter of oil. It seems that $47.2 billion worth of oil it just exported in 2020 comprised 7.37% of the global total. The oil industry is closely just connected to the U.S. economy. The oil-exporting country generates $68 billion worth of oil in 2019. It has been known as the oil reserves of 167 billion barrels. The supply region of oil is in Alberta’s oil sands.
5. Iraq
Supply: 4.454 million BPD
It seems that the fifth largest exporter of oil is Iraq. In 2016 it got the second position as an oil exporter. Now it comes to the fifth position. U.S. Energy Information Agency confirms that the majority of those reserves are already tapped or developed. It also faces the challenges of being over-reliant on oil.
4. Iran
Supply: 4.469 million BPD
It seems that the fourth largest exporter of oil is Iran. The oil output decreased last year. In 2019 it was 3,190,000 BPD. In recent years the supply has fallen consecutively. It has blocked Iran’s access to crude carriers with a huge impact on the nation’s industry.
3. The United States
Supply: 9.352 million BPD
The United States is the third-largest exporter of oil in The United States. The country mainly enhanced its oil output between 2011 and 2020. In 2020, the U.S made 18.61 million barrels of oil per day. In 2020, the U.S. generated 18.61 million barrels of oil per day. The U.S. is home to some of the world’s largest oil companies containing Chevron, ConocoPhilips, and Exxon Mobil.
2. Russia
Supply: 10.5 million BPD
Russia takes the second spot as the top oil exporter. In 2020, it accounted for 11.6% of global export, and the total is $74.4 billion. The country has 50% of global oil exports. accounting for 10.53% of global exports with a total of about $115 billion. It also generates 10.5 million barrels per day in 2020. Now it enhances about 11% of global oil production. Russia has got the second position on the list.
1. Saudi Arabia
Supply: 12 million BPD
Saudi-Arabia the Middle-Eastern oil powerhouse was the world’s top oil exporter until the position had taken over by the United Arab Emirates in 2019. Saudi Arabia just recaptured the top of the largest oil-exporting countries with $95.7 billion in oil exports in 2020.
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Read: Top 10 Countries with the Most Billionaires in 2022
