United Arab Emirates: $167.8 billion (down -7.1%).Russia: US$346.7 billion (net export surplus up 65% since 2021).Thus, the statistics below present the surplus between the value of each country’s crude oil exports and its import purchases for that same commodity. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. The following countries posted the highest positive net exports for crude oil during 2022. Please note that the published statistics for Saudi Arabia include estimates and independent calculations, due to constraints on source data from that jurisdiction. Posting the most modest year-over-year gain in their international sales of crude oil were exporters in Iraq (up 7% from 2021) and Russia (up 7.7%). United Arab Emirates: $112.7 billion (8.4%)īy value, the listed 15 countries sold 85.3% of globally exported crude oil in 2022.Īmong these top exporters, the fastest-growing exporters of crude oil were: Oman (up 77.8% from 2021), United States of America (up 68.9%), Canada (up 47%), Norway (up 40.9%), Brazil (up 39.5%) and Saudi Arabia (up 39%).Saudi Arabia: US$224.8 billion (16.7% of exported crude oil). Combined, those 5 major crude oil sources supplied over two-fifths (43.8%) of global exports for crude petroleum oil.įor research purposes, the 4-digit Harmonized Tariff System code prefix for crude oil is 2709.īelow are the 15 countries that exported the highest dollar value worth of crude oil during 2022. The top 5 exporters of crude oil in 2022 were Saudi Arabia, Canada, Russia, United States of America, then the United Arab Emirates. Crude petroleum oils represent 5.6% of the overall total for all exported commodities during 2022, up from 4.6% in 2021. Year over year, the value of the world’s exports of crude oil accelerated by 55.6% from $867.2 billion in 2021.Ĭrude oil ranks as the world’s most valuable exported product for 2022, surpassing the prior year’s leader which was exports of electronic integrated circuits and related parts. That dollar amount results from a 43.8% increase from $938.8 billion worth of crude oil exports five years earlier during 2018. Please read our Terms & Conditions, Cookies Policy and Privacy Policy before using the site.Oil rig Globally exported crude oil totaled US$1.35 trillion for 2022. refiners will definitely look to import more crude,” said Chris Barber, principal at ESAI Energy. “If there are additional medium sour volumes available and discounts to light sweet crude widen, I think some U.S. refiners opt for foreign barrels over domestic. The surge of inexpensive supply could pose a secondary blow to shale explorers, as U.S. Major banks were quick to revise price forecasts downward as Saudi Arabia and Russia, the world’s two largest crude exporters, are poised to flood the market with discounted oil in an all-out price war. benchmark crude tumbled 25% on Monday to close at $31.13 a barrel, well below the average break-even price for producers in the three biggest U.S. While oil demand may recover later in the year, shale will not be as quick to bounce back, he said. shale revolution,” said Ryan Fitzmaurice, commodities strategist at Rabobank. “This is a big blow to those that were banking on the U.S. If shale output were to fall by 1 million barrels a day this year, as BloombergNEF estimates, that could be enough to take the U.S. has shipped out more crude and refined products than it’s brought in - but that margin is relatively thin. “The U.S.’s net exporter days may be numbered,” said Cailin Birch, a global economist at the Economist Intelligence Unit in London.įor four of the last six weeks, the U.S. exports and set back the country’s march toward energy independence. Now, amid the worst price rout in nearly three decades, American drillers are facing a million-barrel drop in production that could curb U.S. only in recent months began exporting more petroleum than it imports, a shift fueled by record shale production in fields such as the Permian Basin. LONDON (Bloomberg) -America’s nascent status as a net petroleum exporter is already at risk as plunging oil prices threaten domestic production and give a leg-up to world’s biggest producers.
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