Top 10 Oil Exporting Countries in the World

United Arab Emirates (UAE) has emerged as a prominent global oil producer in recent years, reaching a production of approximately 4 million barrels per day in 2019. The state-owned Abu Dhabi National Oil Company (ADNOC) controls most of the UAE's oil reserves, although it frequently partners with foreign companies and private sector players for upstream operations. The UAE is estimated to have the seventh-largest oil reserves in the world, totaling around 100 billion barrels.

While the country's economy is less reliant on oil than in the past, oil and gas still account for about 30% of its GDP. Oil exports, a significant portion of which go to Japan, represent about 25% of the UAE's GDP, and the country has been a member of OPEC since 1967.

The UAE, a small country roughly the size of South Carolina, exported oil worth $176 billion in 2019, representing 16.13% of global oil exports. However, it dropped to sixth place in 2020, with $42 billion in revenue and 6.57% of total global oil exports. In 2020, the UAE produced 3.78 million barrels per day, accounting for 4% of global production.

Export Production: 2,954,000 barrels per day.

China is one of the largest producers and consumers of energy worldwide. It was the only major economy that did not experience a downturn in 2020, and its oil production remained steady at 4.86 million barrels per day. In 2021, production increased to 4.99 million barrels per day, while its consumption reached 15.27 million barrels per day.

According to the EIA, "China's oil production comes from mature fields that require expensive enhanced oil recovery techniques to maintain output." The Daqing oil field, located in the Songliao Basin in northeastern China, is the country's largest oil-producing region. In recent years, China and Russia have strengthened their trade relations in the oil and gas sector.

In February 2022, PJSC Rosneft and China National Petroleum Corporation (CNPC) signed an agreement for Rosneft to supply 100 million tons of oil to China through Kazakhstan over 10 years. Earlier, in January 2022, CNOOC Limited set its production target at 600-610 million barrels of oil equivalent (mmboe). China is also the second-largest oil consumer in the world, after the United States, importing most of its crude oil from countries like Saudi Arabia and Russia.

Export Production: 3,969,000 barrels per day.

Iraq pumped just under 4.8 million barrels per day in 2019, securing the fifth position on the list of the world's largest oil producers. It is a founding member of OPEC. Despite its vast hydrocarbon reserves, Iraq's oil infrastructure development has been hindered in recent years by economic sanctions, military conflicts, and political instability, which have undermined the country's ability to generate income from oil exports.

Iraq also faces the challenge of being overly reliant on oil revenues, which accounted for approximately 91% of government income in 2018. Most of the country's oil production comes from the massive southern oil fields, including the Rumaila and Gharafa fields, though the Kirkuk field remains a key production area in the north.

Iraq was the second-largest oil exporter globally in 2016, but by 2020 it had dropped to fifth place, with $45.2 billion in revenue and accounting for 7.06% of global oil exports. It remains the second-largest producer in OPEC after Saudi Arabia. Iraq holds the fifth-largest oil reserves in the world, but according to the U.S. Energy Information Administration, much of the reserves have already been extracted or are in development.

Export Production: 4,260,000 barrels per day.

Canada is known for its abundant and diverse natural resources. The country holds the third-largest proven oil reserves globally, behind Saudi Arabia and Venezuela. It is the only non-OPEC member among the top five oil producers. The vast oil sands in Alberta are estimated to contain the largest oil reserves in Canada.

Approximately 97% of Canada's oil comes from the oil sands in Alberta, located in the western part of the country. After Venezuela and Saudi Arabia, Canada ranks third in the world for oil reserves. Canada produced 5.35 million barrels per day in 2018, followed by 5.48 million barrels per day in 2019 and 5.23 million barrels per day in 2020. In 2021, Canada produced 5.56 million barrels per day, with production expected to rise to 5.85 million barrels per day in 2022.

Canada's consumption is lower than its production; it consumed 2.27 million barrels per day in 2021. The United States is the primary destination for Canada's oil exports. Crude oil and petroleum products accounted for 89% of the total energy imports from Canada to the U.S. in 2020. The oil and natural gas industry supports around 400,000 jobs across Canada.

Export Production: 4,656,000 barrels per day.

Saudi Arabia, officially known as the Kingdom of Saudi Arabia, holds 17% of the world's proven oil reserves, making it the second-largest holder globally. A founding member of OPEC, Saudi Arabia controls 22.4% of the current global oil market share. It joined the World Trade Organization in 2005 to gain access to global markets, create jobs, and attract foreign investment. Approximately 50% of the country's GDP and 70% of its export revenues are derived from the oil and gas sector.

The country is the largest oil exporter in the world and effectively leads the OPEC group. It is also home to the Ghawar oil field, located in the east, which is the world's largest conventional oil field, accounting for a significant portion of Saudi Arabia's crude oil production. In 2020, Saudi Arabia reduced its production to help stabilize the global oil market following an OPEC decision.

Between 2018 and 2020, Saudi Arabia produced 12.11, 11.47, and 10.85 million barrels per day of crude oil and other liquids. According to the EIA, Saudi Arabia increased its production starting in February 2021, reaching an estimated 9.8 million barrels per day by October. The International Energy Agency (IEA) reports that Saudi Arabia's total oil production reached 12 million barrels per day in January 2022. Aramco, headquartered in Saudi Arabia, is one of the world's most valuable companies.

Export Production: 10,225,000 barrels per day.

Russia is the third-largest oil producer in the world, following the United States. As of January 2022, Russia's total oil production stands at 11.3 million barrels per day, according to the IEA. Like Saudi Arabia, the country is a major oil exporter to global markets. Russia has actively coordinated its oil production with OPEC and non-OPEC countries through the OPEC+ agreement. About 60% of Russia's oil exports go to OECD Europe.

China is the largest buyer of Russian oil, accounting for 20% of Russia's exports, with an average of 1.6 million barrels per day of crude oil imported in 2021, split between pipelines and maritime routes. The majority of Russian exports go to China, as well as key European markets such as the Netherlands and Germany. Amid the Russia-Ukraine crisis, the United States imposed a ban on Russian crude oil and certain petroleum products, liquefied natural gas, and coal imports.

In 2021, the U.S. imported nearly 700,000 barrels of Russian crude oil and refined petroleum products each day. Russia's oil production is primarily controlled by domestic companies like Rosneft, Lukoil, Gazprom, and Tatneft. Oil is a vital part of Russia's economy. The country also holds the largest natural gas reserves globally and, together with the U.S., dominates global production of this resource.

Export Production: 11,300,000 barrels per day.

As the world's largest economy, the United States is also the top producer of oil. U.S. crude oil production surpassed Saudi Arabia's output in 2018 after more than two decades, and has held the lead ever since. Crude oil is produced across 32 U.S. states and offshore waters, with nearly 71% of the country's total output coming from just five states: Texas, North Dakota, New Mexico, Oklahoma, and Colorado. The oil and natural gas industry in the U.S. supports 10.3 million jobs and contributes nearly 8% to the nation's GDP.

In 2018, the United States overtook Russia and Saudi Arabia to become the largest producer of crude oil, despite some countries having larger total oil reserves. Key U.S. oil producers include Texas, federally owned offshore facilities, New Mexico, and North Dakota, with significant contributions from Alaska, Colorado, Wyoming, and California. In addition to being the world’s top oil producer, the U.S. is also the largest consumer of oil globally. As a result, the country imports oil from several oil-producing nations.

According to data from the U.S. Energy Information Administration (EIA), total oil production in the U.S. averaged around 18.87 million barrels per day, while average consumption was about 19.78 million barrels per day in 2021. The difference between production and consumption is due to imports. The five largest oil import sources for the U.S. in 2021 were Canada, Mexico, Russia, Saudi Arabia, and Colombia.

Export Production: 11,567,000 barrels per day.

Iran is a founding member of OPEC, contributing about 3.7% of global oil production in 2019, with a national output exceeding million barrels per day. Despite possessing nearly 10% of the world’s known oil reserves, strict economic sanctions imposed due to its nuclear weapons program have hindered Iran from fully exploiting its oil wealth.

The vast oil (and gas) reserves of Iran are controlled by the state-run National Iranian Oil Company (NIOC), based in Tehran. Iran is one of just four nations globally that control over 150 billion barrels of oil. With an average production of 2 million barrels per day, Iran remains one of the largest oil producers worldwide.

Although Iran’s oil production surged by 30.4% between 2012 and 2017, this trend is unlikely to continue. New U.S. sanctions have targeted five nations—China, India, Japan, South Korea, and Turkey—that were previously exempt from restrictions on Iranian oil imports, aiming to cut off Tehran’s financial resources and curb its ambitions.

Export Production: 2,546,000 barrels per day.

Despite its small size, it is remarkable that Kuwait is among the world's leading oil exporters. Located on the Arabian Peninsula, the country is about the size of Connecticut. Nestled between Saudi Arabia, Iraq, and the Persian Gulf, Kuwait stands as one of the largest oil producers globally, despite its modest size. In 2019, it produced just under three million barrels per day, representing about 3% of the world's total output.

The state-owned Kuwait Oil Company oversees the country’s oil production, with the massive Burgan oil field located in the southeastern region—one of the largest oil fields in the world. Kuwait accounted for 4.32% of global oil exports in 2020, exporting oil worth $27.6 billion that year. In 2020, Kuwait produced approximately 2.75 million barrels of oil per day, making it the 10th largest producer globally.

The country has the sixth-largest oil reserves in the world, with additional important fields located in northern Kuwait, including the Raudha Tin and Sabrina fields. Kuwait is one of just seven countries worldwide with oil reserves exceeding 100 billion barrels. Today, Kuwait remains an independent nation, producing nearly three million barrels of oil daily.

Export Production: 2,610,000 barrels per day.

Brazil is the only Latin American country on this list, contributing about 3% of global oil production in 2019 with an output of approximately 2.9 million barrels per day. The country ended state monopoly over the oil exploration and production (E&P) sector in 1995, and its oil reserves and production rate have steadily increased since. The state-backed company Petrobras remains a key player in Brazil’s domestic oil industry.

Brazil's oil output is largely concentrated in pre-salt oil fields in the Santos and Campos basins, located south of Rio de Janeiro in the South Atlantic. The country has proven oil reserves of 12.8 billion barrels, or roughly 0.8% of global supply. Crude oil and refined products made up nearly 9% of Brazil’s total export revenue of $219 billion in 2017, with most of the exports going to China and the United States, according to The Observatory of Economic Complexity by MIT Media Lab. Brazil’s oil extraction has increased by 27.5% over the past half-decade, even as oil output in Central and South America has decreased by 2.6%.

Export Production: 2,852,000 barrels per day.