Navigating the intricate tapestry of the global oil market requires a nuanced understanding of the multifaceted factors that shape its dynamics. Entering the year 2024, the profound importance of oil as a linchpin commodity is unmistakable. The indisputable significance of this industry underscores the critical need to delve into insights about the Top 25 Oil Exporting Countries worldwide in 2024. Petroleum products, with their omnipresence in personal protective equipment, plastics, chemicals, fertilizers, pharmaceuticals, and various other sectors, underscore the indispensability of crude oil.
The Crude Oil Market attained a value of $1424.38 billion in 2022 and is projected to reach $1613.84 billion by 2029, reflecting a compound annual growth rate (CAGR) of 1.8% throughout the forecast period. This anticipated growth underscores the enduring importance of crude oil as a global commodity despite evolving energy landscapes and sustainability concerns. OPEC forecasts world oil demand to reach 2.25 million barrels per day in 2024, marking a significant increase compared to the IEA's projection of 1.1 million barrels per day for the same period.
According to U.S. Energy Information Administration, during the initial half of 2023, U.S. crude oil exports achieved a notable milestone, averaging 3.99 million barrels per day (b/d). This figure stands as the highest recorded for the first half of a year since 2015, coinciding with the repeal of the U.S. ban on most crude oil exports.
In terms of volume, Europe emerged as the primary regional recipient of U.S. crude oil exports for the first half of 2023, totalling 1.75 million barrels per day (b/d). Notably, exports to the Netherlands and the UK played a leading role in this considerable figure. Following closely, Asia stood as the second-largest regional destination, receiving 1.68 million b/d, for the same period, primarily attributed to exports directed to China and South Korea. Additionally, the United States engaged in the export of comparatively smaller crude oil volumes to Canada, Africa, Central America, and South America.
Despite the uptick in exports witnessed in the first half of 2023, it's essential to note that the United States, as a net crude oil importer, continues to import more crude oil than it exports. This dynamic emphasizes the ongoing significance of the United States as a major player in the global crude oil trade, maintaining a delicate balance between export and import activities.
This article aims to provide a comprehensive overview of the Top 25 Oil Exporting Countries in the World in 2024, shedding light on the evolving landscape of oil production and exportation. Amidst the ever-changing dynamics, the Russia-Ukraine war has emerged as a pivotal factor as well, exerting significant influence on the global oil market. Geopolitical developments have prompted Russia to redirect its crude and fuel exports to South and East Asia, a strategic move with profound repercussions.
Concurrently, former markets in Europe have witnessed a recalibration, as they are now being supplied with crude and products from the Middle East and Asia. As the geopolitical undercurrents reshape trade flows, the United States and the European Union have responded by imposing broad sanctions on Russia's exports. However, these measures are tempered by significant exceptions and a measured approach to enforcement.
Notably, the conflict has spurred a 70.72% change in WTI crude oil prices and a 73.62% change in Brent crude oil prices, underscoring the profound influence of geopolitical events on the volatility of oil markets.
In essence, this article provides a look at the Top 25 Oil Exporting Countries in the World in 2024, encapsulating the global economic interdependencies, geopolitical nuances, and market dynamics that collectively shape the course of the oil industry in the present era. It is also imperative to mention some of the big titans of this industry like Chevron Corporation (NYSE:CVX), ConocoPhillips (NYSE:COP) and Exxon Mobil Corporation (NYSE:XOM) that have made their mark.
Chevron Corporation (NYSE:CVX), an integrated energy company, specializes in crude oil and natural gas production, along with manufacturing transportation fuels, lubricants, and petrochemicals. Despite its diversified portfolio, Chevron (NYSE:CVX) experienced a notable decline in revenue in 2023, with a year-over-year decrease of 18.40%, totalling $200.95 billion. In the fourth quarter of 2023 alone, revenue dropped by 16.46% to $47.18 billion compared to the same period the previous year.
To bolster its fossil fuel reserves, Chevron has planned a $53 billion all-stock acquisition of Hess, particularly in Guyana's oil-rich assets, totalling over 11 billion barrels-equivalent of recoverable resources. However, in February 2024, Chevron revealed potential jeopardy for the deal as rival petroleum giants contested control of a crucial oil asset. This development underscores the inherent risks accompanying Chevron's strategic expansion efforts amidst fierce industry competition.
ConocoPhillips (NYSE:COP) is an exploration and production company operating through six segments: Alaska, Lower 48, Canada, Europe, Middle East, and North Africa, Asia Pacific, and Other International. These segments cover operations in various regions including the United States, Canada, Europe, Asia Pacific, and other international locations like Colombia. ConocoPhillips (NYSE:COP) reported a decline in revenue for 2023, with a year-over-year decrease of 28.70%, totalling $58.57 billion.
In February 2024, ConocoPhillips received approval from the Norwegian Offshore Directorate to commence the $1.24 billion Eldfisk Nord development in the Norwegian North Sea. The project includes two seabed templates for production and one for water injection, featuring nine production wells and five injection wells.
Exxon Mobil Corporation (NYSE:XOM), an international energy and petrochemical company, operates a substantial CO2 pipeline network spanning over 1,300 miles in Louisiana, Texas, and Mississippi, alongside Gulf Coast and Rocky Mountain oil and gas operations. It manages 15+ onshore CO2 storage sites.
In 2023, revenue totalled $344.58 billion, down 16.70% year-over-year. Quarterly revenue for Q4 2023 was $84.34 billion, marking an 11.62% decrease compared to the same period in the previous year.
ExxonMobil (NYSE:XOM) and China National Offshore Oil Corporation (CNOOC) are contemplating acquiring Hess' stake in the Stabroek block offshore Guyana. This action may disrupt Chevron's intentions to enter the Stabroek block via its proposed $53 billion acquisition of Hess.
Top 25 Oil Exporting Countries in the World in 2024
A hand holding a crude oil sample from a well in Permian Basin.
Methodology
In compiling our list of the Top 25 Oil Exporting Countries in the World for 2024, we have meticulously arranged nations based on their substantial contributions to the global crude oil market in terms of exported dollar value during 2022. World’s Top Exports and CEIC have been used to source the data provided in these rankings.
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25. Ghana
Crude Oil Exports in 2022: $5,591,254,000
Starting our list of Top 25 Oil Exporting Countries in the World for 2024 with, Ghana, a key player in oil exports from the Gulf of Guinea, has undergone significant economic transformation since the discovery of offshore reserves. Leveraging strategic partnerships, it has successfully navigated the complexities of the industry, driving growth and diversifying its economy. As a beacon of progress in West Africa, Ghana's oil journey underscores its commitment to sustainable development and prosperity.
24. The Democratic Republic of Congo
Crude Oil Exports in 2022: $6,691,573,000
The Democratic Republic of Congo (DRC) has become a notable oil exporter despite challenges. With substantial reserves, particularly in the east, Congo aims to leverage its oil wealth for economic growth amidst efforts to attract investment and improve infrastructure, highlighting its emergence as a significant player in the African energy sector. Congo is the 24th country on our list of Top 25 Oil Exporting Countries in the World in 2024.
23. Malaysia
Crude Oil Exports in 2022: $7,943,406,000
In December 2022, Malaysia's oil exports decreased to 203.333 thousand barrels per day from 209.182 thousand barrels per day in December 2021. Despite this, Malaysia remains a key player in global oil and LNG markets, highlighting the industry's dynamic nature and the country's ongoing efforts to maintain its position in Southeast Asia's energy landscape.
22. Australia
Crude Oil Exports in 2022: $10,128,798,000
In December 2022, Australia's oil exports fell to 243.573 thousand barrels per day from 257.284 thousand barrels per day in December 2021. Despite this decline, Australia remains a significant exporter of oil, contributing to global energy markets and its economy. These fluctuating export figures highlight the dynamic nature of the oil industry, necessitating ongoing adaptation and innovation to maintain Australia's position in the global energy landscape.
21. Ecuador
Crude Oil Exports in 2022: $10,834,642,000
Ecuador is 21st country on our list of TopOil Exporting Countries in the World in 2024. In December 2022, Ecuador's oil exports declined to 313.333 thousand barrels per day from 315.833 thousand barrels per day in December 2021. Despite this, Ecuador remains a significant oil exporter, crucial to global energy markets and its economy. These fluctuations underscore the dynamic nature of the oil industry, necessitating ongoing strategies to maintain Ecuador's position in the global energy landscape.
20. Colombia
Crude Oil Exports in 2022: $16,185,817,000
In December 2022, Colombia's oil exports rose to 487.000 thousand barrels per day from 422.167 thousand barrels per day in December 2021, affirming its role as a major global exporter. This increase underscores Colombia's significance in both energy markets and its economy, emphasizing the need for ongoing strategies to maintain and strengthen its position in the industry.
19. Algeria
Crude Oil Exports in 2022: $17,466,958,000
In December 2022, Algeria's crude oil exports rose to 476.896 thousand barrels per day from 445.982 thousand barrels per day in December 2021, highlighting its role as a major global exporter. This increase underscores Algeria's significance in energy markets and its economy, emphasizing the need for continued efforts to strengthen its position in the industry.
18. Azerbaijan
Crude Oil Exports in 2022: $19,483,624,000
In December 2022, Azerbaijan's crude oil exports dropped to 441.333 thousand barrels per day from 482.750 thousand barrels per day in December 2021. Despite this decline, Azerbaijan remains a significant oil exporter, vital to global energy markets and its economy. These fluctuations highlight the dynamic nature of the industry, emphasizing the need for ongoing efforts to maintain Azerbaijan's position in the global energy landscape.
17. United Kingdom
Crude Oil Exports in 2022: $21,273,239,000
United Kingdom is at number seventeen in our list of Top 25 Oil Exporting Countries in the World for 2024. The United Kingdom's crude oil exports dropped to 540.191 thousand barrels per day in December 2022 from 603.734 thousand barrels per day in December 2021. Despite this decrease, the UK remains a significant oil exporter, vital to global energy markets and its economy. These fluctuations highlight the industry's dynamism, stressing the need for ongoing efforts to maintain the UK's position in the global energy landscape.
16. Qatar
Crude Oil Exports in 2022: $23,395,784,000
Qatar saw its crude oil exports increase to 475.353 thousand barrels per day in December 2022, marking a slight rise from 474.261 thousand barrels per day in December 2021. Despite these fluctuations, Qatar retains its significance as a prominent oil exporter, playing a pivotal role in global energy markets and its economy.
15. Mexico
Crude Oil Exports in 2022: $31,779,788,000
Mexico is a major oil exporter, leveraging its significant reserves and established industry to contribute to global energy markets and its economy. Despite challenges, Mexico remains a key player in international energy supply chains, underscoring its importance in the global energy landscape.
14. Libya
Crude Oil Exports in 2022: $31,890,426,000
In December 2022, Libya's crude oil exports dropped to 919.828 thousand barrels per day from 1,090.621 thousand barrels per day in December 2021. Despite this decrease, Libya remains a significant oil exporter, highlighting the industry's dynamic nature and the need for ongoing adaptation to maintain its global position.
13. Oman
Crude Oil Exports in 2022: $33,227,075,000
Thirteenth, on our list of Top 25 Oil Exporting Countries in the World in 2024, is Oman. Oman's crude oil exports increased to 921.803 thousand barrels per day in December 2022 from 896.706 thousand barrels per day in December 2021. Despite fluctuations, Oman remains a significant oil exporter, emphasizing the industry's dynamic nature and ongoing efforts to maintain its global presence.
12. Kazakhstan
Crude Oil Exports in 2022: $35,367,741,000
In December 2022, Kazakhstan's crude oil exports dropped to 1,315.167 thousand barrels per day from 1,323.000 thousand barrels per day in December 2021. Despite this, Kazakhstan remains a major player in the global oil market, highlighting the industry's dynamic nature and the need for continual adaptation to sustain its position.
11. Angolo
Crude Oil Exports in 2022: $37,400,459,000
Angola stands as a significant exporter of oil, with its rich reserves and established industry contributing to global energy markets and its economy. Despite occasional fluctuations, Angola maintains its role as a key player in the international oil trade, emphasizing the dynamic nature of the industry and the necessity for continual adaptation to uphold its position.
10. Brazil
Crude Oil Exports in 2022: $42,688,099,000
Brazil is at number ten in our list of Top 25 Oil Exporting Countries in the World for 2024. In December 2022, Brazil's crude oil exports increased to 1,346.417 thousand barrels per day from 1,292.333 thousand barrels per day in December 2021. This uptick underscores Brazil's significant role as an oil exporter, contributing to global energy markets and its economy.
9. Nigeria
Crude Oil Exports in 2022: $49,871,423,000
In December 2022, Nigeria's crude oil exports dropped to 1,388.260 thousand barrels per day from 1,592.333 thousand barrels per day in December 2021. Despite this reduction, Nigeria remains a substantial player in the oil export sector, impacting global energy markets and its economy. Nigeria is the 9th country on our list of TopOil Exporting Countries in the World in 2024.
8. Kuwait
Crude Oil Exports in 2022: $54,328,256,000
In December 2022, Kuwait's crude oil exports surged to 1,878.852 thousand barrels per day from 1,740.452 thousand barrels per day in December 2021. This notable increase underscores Kuwait's significant role as a major oil exporter.
7. Norway
Crude Oil Exports in 2022: $57,757,614,000
7th country on our list of Oil Exporting Countries in the World in 2024 is Norway. In December 2022, Norway's crude oil exports experienced a slight dip to 1,558.159 thousand barrels per day from 1,563.389 thousand barrels per day in December 2021. Despite this marginal decrease, Norway continues to play a pivotal role as a major oil exporter, impacting global energy markets and its economy.
6. Iraq
Crude Oil Exports in 2022: $82,288,984,000
Sixth, on our list of Top 25 Oil Exporting Countries in the World in 2024, is Iraq. In December 2022, Iraq's crude oil exports surged to 3,712.420 thousand barrels per day from 3,439.550 thousand barrels per day in December 2021. This notable rise underscores Iraq's significant role as a major oil exporter.
