Oil, often known as petroleum, is one of the most profitable commodities in the world today. Oil is one of the most basic and crucial commodities in the modern world, used to make gasoline, diesel fuel, jet fuel, and various other products. Also, oil remains the most critical commodity, influencing the economic status of nations worldwide. As we approach 2024, it's time to delve into the most recent data and reveal the Top 10 Oil Exporting Countries, exploring their production, exports, HS codes, etc.
Oil Export Market: A Brief Overview
In December 2023, the oil export industry, formerly a seemingly steady engine of the global economy, will face a complicated and changing landscape. While its primary role in driving transportation and industry is indisputable, the familiar dynamics of supply and demand are being changed by a combination of enormous factors. One of the most significant changes is slowing global oil demand growth. It can be attributable to numerous variables, including:
Rising energy efficiency:
Shifting consumer preferences:
Economic headwinds:
Pleasantly, despite the slowdown, the United States emerges as a critical bright spot on the supply side. Driven by advances in shale oil extraction technology, US oil production has steadily increased. Based on Oil exports data, the US is a net oil exporter for the first time in decades. It has enormous ramifications for global oil trade flows and may change OPEC's historic dominance.
Oil Export Data: 2023-24
The oil export market in 2023 looked very different from 2022, with shifting dynamics, price volatility, and the growing influence of alternative energy sources. Compare these two years: demand growth slowed significantly, reaching only 0.7%, owing to economic headwinds, energy efficiency improvements, and electric vehicle consumption.
In 2022–23, the global oil export scene saw a subtle change. According to Oil exporting countries 2023 data, exports increased by 0.8% over the previous year, behind the surface churned a sea of changing dynamics. While expanding at 2.3%, demand fell short of original expectations, highlighting headwinds such as rising energy efficiency and the growing adoption of electric vehicles.
Also read: India Top 10 Exports products
Brent crude oil prices climbed early due to the Russia-Ukraine war, averaging more than $80 per barrel, a significant increase from 2021.
In 2022-23, the Oil exporting countries presented recovery in the face of shifting sands. Here's an overview of the essential data, along with a representation for obtaining a more precise picture:
| Country | 2022-23 | Change from 2021 |
| Saudi Arabia | 7.6 | 0.1 |
| Russia | 5.2 | -0.3 |
| United States | 4.2 | 1.4 |
| Canada | 4 | 0.3 |
| Iraq | 4.4 | 0.5 |
This chart and summary briefly overview the critical trends in the top Oil exporting countries market between 2022 and 2023. However, the plot is much more complicated and deep. If you have any questions about individual countries, different types of oil products, Oil products HS codes,, please do not hesitate to ask!
US crude oil exports increased in 2022
Crude oil exports from the United States reached a record high in 2022. Strategic Petroleum Reserve (SPR) releases nearly matched the expansion in domestic output, bolstering US supply to countries seeking to replace Russian Oil.
Last year, US crude oil exports climbed by 22% from 2021 to 3.6 million barrels per day (bpd), with rising demand from Europe offsetting lower exports to India and China. Also, obtain US import data. In 2022, US output of products climbed by 629,000 bpd, or 5.6%, to 11.9 million bpd, trailing the record increase of 12.3 million bpd established in 2019.
Russia contributes to 40% of Indian oil imports
Russia was one of the top oil exporting countries to India. The share of Russian oil in India's total imports increased to almost two-fifths in the first half of fiscal 2023/24, cementing Moscow's position as the primary supplier as refiners reduced purchases from the Middle East, according to India oil import data.
Also read: India Top 10 Imports Products
India, the world's third-largest oil importer and user, has emerged as the leading buyer of discounted Russian seaborne oil after Western nations ceased purchasing from Moscow following its invasion of Ukraine.
Middle Eastern supplies are also expected to tighten further following Saudi Arabia's decision to extend its voluntary output cutbacks until the end of the year, leading India to investigate alternative possibilities.
From April to September, or the first half of fiscal 2023/2024, India imported an average of 1.76 million barrels per day (bpd) of Russian oil, surpassing the 780,000 bpd imported the previous year, according to tanker data obtained from industry sources.
Also Read: Top 15 Products Imported from China to India
Top 10 Oil Exporting Countries
According to oil exporting countries data, these are the top 10 oil exporting countries in 2023:
1. United States: With a rough estimate of 11,567,000 barrels per day, the United States remains the world's leading oil producer, as it has for many years. The United States is the world's largest consumer of oil. In addition to being the world's top oil producer, the United States imports over 8 million barrels of oil each day.
The United States, spurred by the shale revolution, has emerged as a significant oil exporter. With cutting-edge extraction methods and a dynamic market approach, the United States has quickly become a formidable player in oil exports. As we approach 2024, the United States will maximise domestic oil output, changing global energy dynamics.
2. Saudi Arabia: Saudi Arabia remains the unchallenged leader among oil-exporting juggernauts. With massive oil reserves and cutting-edge extraction technologies, the monarchy has regularly contributed the lion's share of the global oil market.
Saudi Arabia's oil exports are expected to reach new highs by 2024, serving as a critical backbone in the global energy supply chain.
3. Russia: Based on Oil exporting countries 2023 data, Russia is the world's largest country by land area, and is also a significant oil producer. Russia supplies Oil and natural gas to several countries, including China and Europe. When Russia invaded Ukraine in 2022, many EU and other countries imposed embargoes on Russian commodities, complicating the situation further.
After Saudi Arabia's lead, Russia has secured its position as the world's second-largest oil exporter. Russia, known for its vast landmass and rich resource base, continues influencing the global oil trade.
4. Iraq: Iraq, located in the center of the Middle East, is a resilient oil exporter. Despite problems such as political instability and regional warfare, Iraq remains a stalwart among the top 10 oil exporting countries.
Iraq has increased its oil exports since the end of the Iraq War in 2003. The country has massive oil reserves and is predicted to output over 4 million bpd in 2023, making it the world's fourth-largest oil exporter.
5. Canada: With Canada's extensive landscapes, the country has solidified its position as a significant oil exporter. Canada's oil sands and conventional reserves majorly contribute to the global oil market.
Canada's oil exports are driven mainly by oil sands production, with the country forecast to export approximately 3.5 million bpd in 2023. According to oil producing countries statistics, the United States is Canada's largest export market for oil.
6. United Arab Emirates: The United Arab Emirates (UAE) is a Middle Eastern gem that blends economic prowess with abundant oil. As a vital member of the Organization of Petroleum Exporting Countries (OPEC), the UAE's oil exports continue to drive economic growth and diversification. The United Arab Emirates (UAE) is a major oil exporter and member of the Organization of Petroleum Exporting Countries. The country is predicted to export approximately 3 million barrels daily in 2023.
In 2024, the UAE faces the challenge of combining traditional oil exports with a growing emphasis on renewable energy.
7. Brazil: Brazil's crude oil deposits in South America have propelled the country to the top of the oil-exporting rankings. As deep-sea drilling technologies progress, Brazil's oil production and exports are expected to boom in 2024.
8. Kuwait: Kuwait is another OPEC member and a significant oil exporter. The country will export approximately 2.5 million bpd in 2023, primarily to Asian markets.
With its strategic location in the Gulf area, Kuwait has long been a reliable supplier of world oil exports. Despite its diminutive size compared to neighboring nations, Kuwait's oil reserves and efficient extraction technologies keep it among the top Oil exporting countries.
9. Nigeria: On the African continent, Nigeria stands tall as a significant oil exporter. Blessed with abundant oil resources, the nation's exports contribute significantly to regional and global energy markets.
As Nigeria grapples with challenges like fluctuating oil prices and internal dynamics, its exports remain a critical driver of economic growth.
10. Angola: Angola, located on the Atlantic coast, rounds out our list of the Top 10 Oil Exporting Countries. With considerable offshore oil deposits, Angola is an essential player in the oil business, particularly in transatlantic trade. As the country navigates its economic terrain, Angola's oil exports continue to move through foreign markets.
So, these are the top 10 oil exporting countries with relevant trade data. However, if you are looking for updated oil producing countries, or specific HSN codes, please connect with our data driven platform, i.e Eximpedia.app
What is the future demand for oil?
The oil export market is at a crossroads. While the immediate future may be characterised by instability and uncertainty, long-term trends indicate a steady change. The rise of renewable energy sources, combined with an increased emphasis on energy efficiency, is expected to dethrone oil as the world's principal energy source. The International Energy Agency recently anticipated a global peak in demand for oil, gas, and coal by 2030, citing changes in energy regulations and an increase in renewable technology such as electric vehicles.
However, oil will likely remain a critical component of the global energy mix for the foreseeable future, and its export market will continue to play an essential role in the worldwide economy.
How do you find oil importers globally?
Oil-exporting countries play an essential role in the global economy, providing vital energy resources. Saudi Arabia is predicted to continue to be the world's largest oil exporter in 2023, followed by Russia, the United States, Iraq, and Canada. However, If you need oil imports globally, Eximpedia is the ideal platform for analysing recent global trade statistics.
Eximpedia.app is an import export data supplier that offers reliable, up-to-date, and accurate global trade data from over 100 countries. We provide India import data, India export data, India export import data, US import data, and HS codes, among other services.
In conclusion, the Top 10 Oil Exporting Countries for 2024 are the pillars that support the world's energy needs. From the Middle East to North America, these countries have tremendous influence over the global economy.
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FAQ’s
Q1. How many countries are oil producers?
Half of all countries in the world produce oil. The United States is the largest producer and consumer of oil. The major oil producing countries include Russia, Saudi Arabia, Canada, and Iraq.
Q2. Which country is largest exporter of oil?
As per oil exporter data, Saudi Arabia is the world's top oil exporter, accounting for 14.5% of global output in 2021.
Q3. Who is the largest net oil exporter?
Saudi Arabia is the main source of net oil export earnings for the Organization of Petroleum Exporting Countries (OPEC). In 2022, its oil export income was 311 billion US dollars, compared to Iraq's 131 billion US dollars.
Q4. Who is India's No. 1 oil exporter?
As of October 2023, Russia is India's largest oil supplier; however, this scenario may alter in the future due to market dynamics and geopolitical disruptions.
Q5. Who are the other top oil exporting countries?
According to top oil exporting countries data, including Saudi Arabia, the top 5 oil exporters are :
Russia: 11.8%
Canada: 8.54%
Iraq: 7.57%
United States: 7.11%
These countries all have significant oil deposits, efficient extraction and export systems, and various levels of influence in the global oil market.
Q6. Which countries import oil to India?
India imported oil from Russia, Saudi Arabia, Iraq, the United States, the United Arab Emirates, and a few other countries. According to data from the oil ministry's Petroleum Planning and Analysis Cell (PPAC), India's crude oil imports have remained stable in the current fiscal year compared to the previous year.
Q7. Who is the largest oil exporter to India in 2023?
Russia strengthened its position as India's leading oil supplier in August 2023, with sales of $4.15 billion, a 114.19% increase over the previous year, according to Commerce Ministry figures.
Q8. What resources are available on Eximpedia.app for more research into oil exports?
Eximpedia.app provides a multitude of information for diving deeper into the subject of oil exports, including:
Top oil exporters: View extensive trade data for various countries' oil exports, including volume, value, and destination markets.
Market research: Get detailed data on the global oil market, including trends, forecasts, and important players.
Country Profiles: Investigate specific oil-exporting countries, including their HS codes, production capacity, and export volumes, shipment details etc.
