Oil is a very useful resource in the world.
It is used to operate vehicles and machinery and hence every country and every other person needs it .
The oil has many different categories like petrol ,kerosene etc.
The global export data tells us that demand for crude oil is increasing with a growing population.
The oil is a form of fossil fuel and is very limited in countries only .
There are many countries that export oil to other countries and this sector is growing at a very high speed
In this blog we will look at the oil export data by all countries also while looking at the countries who are major exporters of oil .
Overview of oil
Oil is a non replenishable resource that is made up of fossil fuels . Petroleum is also a part of oil
The HS Code for oil is 2709
Countries like Saudi Arabia , United states and UAE are one of the major exporters of oil .
According to the import export data India is also in the list with exports worth 600 billion $ in the year 2022 .
Current situation in the oil trade sector around the world
The demand for oil has increased to 102.3 bpd which is the highest of all years . After the pandemic china has also made a all time high 16 bpd in this year as well
The global import export shows that the rise in this demand of the oil is because of the organisation of economic cooperation and development . It also shows that it will grow more in the upcoming year as well.
Talking about the upper side , The export from Russia decreased a bit this year by 250 kpd to 7.bpd and most of the exports that they did were to China and India nearly which was 56 % of the total export.
In the middle eastern part of the world ,Africa and Eastern countries Oil was grown by 12 % . There was also an increase in revenue as well .
Except for these few countries the global oil inventory was also increased by 10 mb .
So this was the current state of the oil trade sector all around the world .
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Top Oil Exporting Countries
- Saudi Arabia: Saudi Arabia is the largest and the biggest exporter of oil in the world . This is because they have many oil reserves in their country . Saudi Arabia has always been on top with an average daily export volume of approximately 7.7 million barrels.
- Russia: Russia is the second-largest oil exporter . There are many reserves of Russia that are located near the Caspian sea . Russia exports 10 % of the total oil exports in the world . In the year 2022 it exported 10,938,000 bpd oil
- Canada: Canada is also one of the major oil exporters with most of them in the form of oil sand . The country exported 5,694,000 bpd oil in the year 2022.
- United Arab Emirates (UAE): UAE is also a part of OPEC and is also a big producer of oil in world . They exported 4,237,000 bpd.oil in the year 2022.
Hope this post helped you to get an Idea of the Oil export data by all major countries . If you wish to learn more about it then you must visit Siom