Amounting to 4.3% of the worldwide value of all export products, global crude oil shipments totaled US$841.1 billion for 2017. That dollar figure reflects a -46.5% decline since 2013 but a 30.4% increase from 2016 to 2017.
Crude oil is the world’s number 2 export product outpaced only by the value of exported cars–at least in 2017 when oil prices continue to be relatively lower and while international automobile sales were strong.
Middle Eastern countries accounted for the highest dollar value worth of crude oil exports during 2017 with shipments valued at $356.3 billion or 42.4% of globally exported crude oil. At the continent level, almost half comes from countries in Asia (49.4%). Europe supplies 18% of the overall total, followed by Africa at 13.4% and North America at 11.4%.
Smaller percentages originate 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 the highest dollar value worth of crude oil during 2017:
- Saudi Arabia: US$133.6 billion (15.9% of total crude 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%)
- United Kingdom: $19 billion (2.3%)
The listed 15 countries accounted for 79.6% of all crude oil exports in 2017 (by value).
Only two of the above top 15 exporters increased the value of their crude oil shipments from 2013 to 2017, namely the United States with its 328% improvement in revenue and Iraq via a modest 0.6% gain.
The 13 other top sources of crude oil posted declines over the 5-year period ranging from -69.2% for Venezuela and -55.5% for Nigeria down 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's the rank:
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. Timor-Leste $73.4 million 0.01%
64. Singapore $69.9 million 0.01%
69. Myanmar $45.5 million 0.01%
Source:
Research Sources:
The World Factbook, Field Listing: Exports – Commodities, Central Intelligence Agency. Accessed on May 15, 2018
Trade Map, International Trade Centre. Accessed on May 15, 2018
Investopedia, Net Exports Definition. Accessed on May 15, 2018
Wikipedia, Big Oil. Accessed on May 15, 2018
Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 15, 2018
The World Factbook, Field Listing: Exports – Commodities, Central Intelligence Agency. Accessed on May 15, 2018
Trade Map, International Trade Centre. Accessed on May 15, 2018
Investopedia, Net Exports Definition. Accessed on May 15, 2018
Wikipedia, Big Oil. Accessed on May 15, 2018
Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 15, 2018
