In this article, we will be studying the global fuel industry. We will also be looking at the current market conditions and some of the big players in this industry while covering the major fuel exporting countries in the world. If you wish to skip our detailed analysis, you can move directly to the 5 Fuel Exporting Countries in the World.
The Fuel Industry: An Overview
Fuel, as a source of energy, powers the world. The fuel industry is diverse, ranging from fossil fuels such as crude oil and natural gas to solid fuels namely wood and coal. While upstream companies in the fuel industry generate cash flows from extracting oil and gas from reserves, downstream beneficiaries of oil and gas production include refineries that remove impurities from crude oil to convert it into gasoline, jet fuel, heating oil, and others. Oil and gas reserves around the world are declared proven if there is a 90% or greater certainty of them being present and economically viable for extraction.
Current Market Conditions
According to an outlook of the oil and gas industry for 2023, Deloittereported that issues such as supply chain disruptions and fluctuation in oil prices have been common. Oil and gas companies have also been resorting to cleaner energy sources. There has also been a focus on reducing greenhouse gas emissions associated with natural gas.
In September, the International Energy Agencyreported an analysis of the global oil market for different regions around the world. In August, the Russian oil exports declined but the revenues from these exports rose due to high prices. China and India accounted for the majority of Russian oil exports. The oil supplies from Saudi Arabia also reduced which is further expected to create a market deficit in the fourth quarter of 2023, according to the IEA.
On September 7, Reutersreported that Russia and Saudi Arabia have further announced to extend their supply cuts till the end of 2023. The higher oil prices resulting from this tight supply are interwoven with global politics as the US believes that Russia needs to be prevented from earning higher revenues from rising oil prices which it uses to fund the Ukrainian war. While the European Union has imposed caps on Russian exports of oil, oil continues to be traded at higher prices.
A Competitive Landscape
The oil and gas industry is saturated with different incumbents who continue to strive for their market positions. Some of these include Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), and Shell plc (NYSE:SHEL).
Exxon Mobil Corporation (NYSE:XOM) is one of the largest oil and gas companies both in terms of market value and production. The company is vertically integrated across the oil and gas industry and also serves to be a significant global oil refiner. On August 28, Reuters reported that the company has extended its carbon capture joint development partnership with FuelCell Energy, Inc. (NASDAQ:FCEL) till March 2024. FuelCell Energy, Inc. (NASDAQ:FCEL) is a leading manufacturer and distributor of fuel cell energy platforms. FuelCell Energy, Inc. (NASDAQ:FCEL) has been helping the firm through its carbonate fuel cells which reduce carbon dioxide emissions in the power generation process. Another recent development by the company is the startup of two new chemical production units at its Baytown facility. On September 19, the companyreported that this $2 billion expansion was aimed to fulfill the rising demand for high-value products in the market. The company has also entered the linear alpha olefins market through its new unit which will produce 350,000 tons of branded products under the name Elevexx, the company’s new linear alpha olefins-producing subsidiary.
Another leader in the oil and gas industry is Chevron Corporation (NYSE:CVX). The company engages in the exploration, production, and refining of hydrocarbons. It is also one of the largest oil companies in the United States, by revenue. On September 8, the company’s Australian LNG plants at Gorgon and Wheatstone, which supply more than 5% of the global LNG, became subjected to labor strikes. On September 22, Reutersreported that full production at the company's facilities had resumed as the company agreed to resolve all outstanding issues of the workers. The Offshore Alliance representing Chevron Corporation’s (NYSE:CVX) worker unions, called off strikes after accepting a deal from Australia’s Fair Work Commission. However, the details of the agreement have not yet been publicly disclosed.
Shell plc (NYSE:RDS) is a leading British multinational oil and gas company. On September 22, Reutersreported that the company entered into an agreement with Trinidad and Tobago's National Gas Company to supply it with natural gas till 2036. The company will be supplying a minimum of 150 million cubic feet per day of gas to Trinidad and Tobago's National Gas Company from the Manatee offshore field which is shared by Trinidad and Venezuela and is expected to supply gas from 2028. This agreement will also support Trinidad and Tobago with its petrochemical and power sectors which are subject to gas shortages and reduced refining capacities currently.
Now that we have taken a look at the global fuel industry and what the major players such as Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), and Shell plc (NYSE:SHEL) are up to, we can examine the 34 fuel exporting countries in the world.
In order to compile a list of the 34 fuel exporting economies in the world, we sourced data from theUN World Economic Situation and Prospects report from 2023. We referred to the fuel exporting countries in this report. These countries belong to developed, developing, and in-transit economies in the world.
We have used the percentage of fuel exports in total exports as our metric for identifying every fuel exporting country. These percentages have been extracted from the country profiles listed by the United Nations Conference on Trade and Development (UNCTAD). According to UNCTAD, a country is considered a fuel exporter if its fuel exports account for greater than 20% of its total merchandise exports where the fuels include coal, oil, and natural gas. This criteria was the rationale behind our metric for this research.
Thus, we have ranked the 34 fuel exporting countries in the world in ascending order of their fuel exports as a percentage of the total exports.
34 Fuel Exporting Countries in the World:
34. Bolivia (Plurinational State of)
Percentage of Fuel Exports in Total Exports: 24%
Bolivia exports a major portion of its local oil and gas production. Proven natural gas reserves are significant in the country. In 2022, Bolivia exported fuel accounting for 24% of its total exports.
33. Indonesia
Percentage of Fuel Exports in Total Exports: 34%
Located in Asia, Indonesia is a major fuel exporter. In 2022, 34% of the country's total exports were of fuel. Indonesia is a major coal producer and gas supplier in South East Asia.
32. Bahrain
Percentage of Fuel Exports in Total Exports: 36%
Bahrain is a major producer and exporter of oil, natural gas and petroleum products. The national economy heavily depends on oil and gas. The country exported fuel accounting for 36% of its total exports in 2022.
31. Ghana
Percentage of Fuel Exports in Total Exports: 36%
Ghana exported fuel accounting for 36% of its total exports in 2022. This percentage is due to the several oil fields in the country which contribute to the overall oil production.
30. Ecuador
Percentage of Fuel Exports in Total Exports: 36%
Crude oil is one of the most important exports of Ecuador and contributes heavily to the country's total exports. The United States, Chile and Panama are its main export destinations. In 2022, 36% of the country's total exports were of fuel.
29. Papua New Guinea
Percentage of Fuel Exports in Total Exports: 41%
Papua New Guinea is a leading global exporter of fuel. The country exported fuel accounting for 41% of its total exports in 2022.
28. Mozambique
Percentage of Fuel Exports in Total Exports: 47%
Another prominent country in the fuel export industry is Mozambique. The country is located in Africa and is known to hold one of the largest reserves of natural gas in the region, contributing to its fuel exports which were 47% of the total exports in 2022.
27. United Arab Emirates
Percentage of Fuel Exports in Total Exports: 48%
The United Arab Emirates holds abundant oil reserves. It is also a major oil supplier in the global market due to its strategic location in the Middle East. In 2022, the UAE exported fuel equivalent to 48% of its total exports, making it one of the biggest fuel exporters in the world.
26. Yemen
Percentage of Fuel Exports in Total Exports: 50%
Based in Western Asia, Yemen is known for its large fuel exports. The country is known to hold sufficient oil and natural gas reserves. Yemen exported fuel accounting for 50% of its total exports in 2022.
Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), and Shell plc (NYSE:SHEL) are among the dominant oil and gas companies in the world.
25. Iran
Percentage of Fuel Exports in Total Exports: 50%
The 34 fuel exporting economies in the world also include Iran. The country is known to hold one of the largest deposits of oil and natural gas reserves in the world. In 2022, 50% of the country's exports were of fuel.
24. Kuwait
Percentage of Fuel Exports in Total Exports: 51%
Another major fuel exporter is Kuwait. It is a large crude oil and petroleum liquids producer in the world. The country exported fuel which accounted for 51% of its total exports in 2022.
23. Mongolia
Percentage of Fuel Exports in Total Exports: 55%
Crude oil is one of the main exports of Mongolia. China is a major export destination for the country’s crude oil. In 2022, 55% of Mongolia's total exports were of fuel.
22. Cameroon
Percentage of Fuel Exports in Total Exports: 55%
Cameroon also makes it to the list of the 34 fuel exporting nations in the world. The country exported fuel accounting for 55% of its total exports in 2022. Its high fuel exports are a result of the many proven crude oil reserves in the country.
21. Oman
Percentage of Fuel Exports in Total Exports: 56%
In 2022, Oman exported fuel accounting for 56% of its total exports. The country has one of the biggest oil reserves in the Middle East and thus, it significantly exports crude oil.
20. Trinidad and Tobago
Percentage of Fuel Exports in Total Exports: 57%
The Republic of Trinidad and Tobago is a major oil and gas producer in the Caribbean. The energy sector in the country also contributes heavily to the national GDP. In 2022, Trinidad and Tobago exported fuel accounting for 57% of its total exports.
19. Colombia
Percentage of Fuel Exports in Total Exports: 60%
Colombia is one of the developing nations where the energy sector is a significant source of revenue. It is a major oil producer in Latin America. Colombia exported fuel worth 60% of its total exports in 2022, making it one of the leading global fuel exporters.
18. Russian Federation
Percentage of Fuel Exports in Total Exports: 61%
The Russian Federation is a leading oil producing nation. It is also a significant exporter of oil and petroleum products around the world. In 2022, the country exported fuel accounting for 61% of its total exports.
17. Kazakhstan
Percentage of Fuel Exports in Total Exports: 61%
Another top fuel exporter in the world is Kazakhstan. The country is a major oil, gas, and coal producer in Central Asia. In 2022, 61% of the country's exports were of fuel.
16. Gabon
Percentage of Fuel Exports in Total Exports: 62%
The top fuel exporting countries in the world also include Gabon. It is a mature oil producer in Africa. In 2022, the country exported fuel accounting for 62% of its total exports.
15. Congo
Percentage of Fuel Exports in Total Exports: 63%
Congo is a leading exporter of crude oil in the world. The country exported fuel accounting for 63% of its total exports in 2022. Substantial natural gas and crude oil reserves are present in the country.
14. Chad
Percentage of Fuel Exports in Total Exports: 64%
Chad is one of the African countries to hold large oil reserves. A major portion of oil production in Chad is exported annually. In 2022, 64% of the country's exports were of fuel.
13. Venezuela (Bolivarian Republic of)
Percentage of Fuel Exports in Total Exports: 69%
The list of the 34 fuel exporting countries in the world also includes Venezuela. The country holds proven oil reserves. The national oil exports of Venezuela have been on the rise. In 2022, the country exported fuel accounting for 69% of its total exports.
Investors who wish to increase exposure to the global oil and gas market can look up Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), and Shell plc (NYSE:SHEL).
12. Saudi Arabia
Percentage of Fuel Exports in Total Exports: 75%
Saudi Arabia exported fuel which accounted for 75% of its total exports in 2022. The country has huge oil reserves and exports crude oil and petroleum to Asia and Europe.
11. Brunei Darussalam
Percentage of Fuel Exports in Total Exports: 80%
Brunei Darussalam is one of the significant exporters of fuel in the world. The country is known to be oil rich and oil and gas products represent a major portion of the country’s total exports. It exported fuel accounting for 80% of its total exports in 2022.
10. Norway
Percentage of Fuel Exports in Total Exports: 81%
Norway is one of the top fuel exporting countries in the world. Oil and gas are its major export commodities. Norway also contributes to the energy supply in Europe through its strategic location. In 2022, 81% of Norway's total exports were of fuel.
9. Turkmenistan
Percentage of Fuel Exports in Total Exports: 89%
Turkmenistan is a major fuel exporter in the world. The country is known to have abundant oil and gas reserves. In 2022, the country exported fuel accounting for 89% of its total national exports.
8. Qatar
Percentage of Fuel Exports in Total Exports: 90%
Qatar’s economy is largely based on the extraction and export of natural gas and petroleum. The country exported fuel accounting for 90% of its total exports in 2022.
7. Nigeria
Percentage of Fuel Exports in Total Exports: 92%
The petroleum industry in Nigeria constitutes a major portion of its total exports. The country is also one of the largest oil producers worldwide. In 2022, 92% of Nigeria's total exports were of fuel.
6. Azerbaijan
Percentage of Fuel Exports in Total Exports: 93%
Azerbaijan is one of the economies in transition which has a mature oil and gas sector. It is a major supplier of oil and gas in the Caspian Sea region. In 2022, the country exported fuel accounting for 93% of its total exports, making it one of the top exporters of fuel.
