World's Top 10 Oil Exporters
1. United Arab Emirates
The United Arab Emirates, a small country approximately the size of South Carolina, exported $176 billion worth of oil in 2019, accounting for 16.13% of global oil exports.56 Despite being the largest oil exporter, the UAE is only the seventh-largest oil producer. It produced 3.78 million barrels per day in 2020, accounting for 4% of global output.7
The UAE is estimated to have the seventh-largest oil reserves in the world, totaling approximately 100 billion barrels. The country's economy is less dependent on oil than it once was, though oil and gas output still account for about 30% of GDP.8
2. Saudi Arabia
This Middle Eastern oil powerhouse was the world's top oil exporter until that position was taken over by the UAE, but Saudi Arabia still accounted for 11.54% of global oil exports in 2019. It also remains the top oil producer in the
Organization of the Petroleum Exporting Countries (OPEC), producing 10.81 million barrels of oil per day, or about 12% of global output in 2020.7
Saudi Arabia possesses approximately 15% of the world's oil reserves. As such, the industry accounts for as much as 70% of the country's exports and more than half of government
revenue.9
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7. United States
The United States is the seventh-largest oil exporter. It exported over $62 billion worth of oil in 2019, comprising 5.71% of global exports.5 As noted above, the country significantly increased its oil output between 2011 and 2020. In 2020, the U.S. produced 18.61 million barrels of oil per day, about 20% of the global total.7
The U.S. is home to some of the world's largest oil companies, including Chevron (
CVX), ConocoPhilips (
COP), Exxon Mobil (
XOM)."