The World’s 10 Biggest Oil Exporters
By Markets & Investing DeskUpdated Nov 10, 2026
Key takeaways
- Crude oil is the most widely traded product in the world. Global crude trade was worth $1.27 trillion in 2023, down 19.2% from 2022.
- Saudi Arabia led crude exports in 2023 with a 14.2% share. The United States (9.77%) and Russia (9.58%) were close behind.
- Together the top 10 exporters accounted for about 71% of global crude export value.
- The largest exporter is not the largest producer. The United States produces more oil than any other country but consumes much of it at home.
Saudi Arabia is the world’s largest exporter of crude oil. It shipped $181 billion of crude petroleum in 2023, about 14.2% of global crude exports. The United States ranked second and Russia third, followed by Canada, the United Arab Emirates, Iraq, Norway, Nigeria, Brazil and Kuwait. These rankings use 2023 trade values, the latest full year with comparable figures for every country. The order can shift from year to year as prices, sanctions and output change.
How the ranking is measured
Three distinctions decide which country counts as “biggest.”
Value, not volume. The ranking below is based on the dollar value of crude petroleum exports. Value equals volume multiplied by the price received. A country selling at a discount, such as one facing sanctions, can ship more barrels than its dollar total suggests. A change in the oil price moves every country’s figure at once. That is why the 19.2% drop in global trade value between 2022 and 2023 does not mean physical shipments fell by that much.
Crude, not refined products. The figures cover crude petroleum only. Gasoline, diesel, jet fuel and other refined products are traded separately, and a ranking of refined-product exporters would not match this list.
Exports, not production. A country’s export capacity depends on how much it produces minus how much it uses. A large domestic economy absorbs output that a smaller producer would ship abroad.
The 10 largest oil exporters in the world
| Rank | Country | Crude exports, 2023 | Share of global crude exports |
|---|---|---|---|
| 1 | Saudi Arabia | $181 billion | 14.2% |
| 2 | United States | $124 billion | 9.77% |
| 3 | Russia | $122 billion | 9.58% |
| 4 | Canada | $106 billion | 8.35% |
| 5 | United Arab Emirates | $99.4 billion | 7.82% |
| 6 | Iraq | $92.4 billion | 7.27% |
| 7 | Norway | $52.3 billion | 4.12% |
| 8 | Nigeria | $45.6 billion | 3.59% |
| 9 | Brazil | $43.8 billion | 3.44% |
| 10 | Kuwait | $35.7 billion | 2.81% |
1. Saudi Arabia
Saudi Arabia’s $181 billion in crude sales put it far ahead of every other exporter. Its lead over the second-place United States was larger than Kuwait’s entire export total. The kingdom was also the largest producer within the Organization of the Petroleum Exporting Countries (OPEC) in 2023 and the third-largest producer in the world. According to the U.S. Energy Information Administration (EIA), it produced 11.13 million barrels per day that year. Saudi Arabia holds roughly 17% of the world’s oil reserves, so it ranks at or near the top on both exports and reserves.
2. United States
The United States exported $124 billion of crude in 2023, or 9.77% of the global total. Its output has risen sharply since 2011, driven largely by shale production. In 2023 the country produced 21.91 million barrels per day of oil, a broad EIA measure that includes other petroleum liquids along with crude. That was about 22% of global output and the most of any nation.
Crude exports set a record in 2024 at more than 4.1 million barrels per day. Growth slowed, however: exports rose about 14% in 2023 but only about 1% in 2024. The country is home to several of the largest listed oil companies, including Exxon Mobil (XOM), Chevron (CVX) and ConocoPhillips (COP).
3. Russia
Russia accounted for 9.58% of global crude exports in 2023, worth $122 billion. Production averaged 10.75 million barrels per day, about 11% of the world total, from companies such as Rosneft, Surgutneftegas and Gazprom.
Russia’s export picture changed after its invasion of Ukraine in February 2022. The United States, the European Union and other countries imposed sanctions that cut Russian energy companies off from their capital markets and banned imports of Russian oil. Europe had relied heavily on Russian supply before the war. In 2025 the United States and the United Kingdom added further restrictions, supporting the G7 price cap and export bans on Russian oil and petroleum products. These measures affect where Russian barrels go and what price they fetch. Both of those affect Russia’s ranking by value.
4. Canada
Canada exported $106 billion of crude in 2023, an 8.35% share. Its proven reserves of 163 billion barrels were the fourth largest in the world as of 2024, and most of them sit in Alberta’s oil sands. Canadian oil flows mainly south: from October 2024 to September 2025, $88.9 billion of Canadian crude went to the United States. Major energy companies based in Canada include Enbridge (ENB), Suncor (SU.TO) and Imperial Oil (IMO.TO).
5. United Arab Emirates
The UAE shipped $99.4 billion of crude in 2023, 7.82% of global exports. It produced 4.16 million barrels per day, about 4% of world output, and is estimated to hold the sixth-largest reserves at around 100 billion barrels. The economy depends less on oil than it once did, but oil and gas still make up a substantial part of GDP.
6. Iraq
Iraq earned $92.4 billion from crude exports in 2023, a 7.27% share. It holds an estimated 17% of the Middle East’s oil reserves and about 9% of the world’s. The EIA reports that most of its major fields are producing or under development. Iraq is also one of the most oil-dependent economies on the list: oil provided an estimated 90% of government revenue in 2023. That level of dependence means a fall in oil prices hits the state budget almost directly.
7. Norway
Norway exported $52.3 billion of crude in 2023, or 4.12% of the global trade. The drop from sixth to seventh place is steep: Iraq’s total was nearly twice Norway’s. Most Norwegian oil goes to European neighbors. The oil industry accounts for about 42% of the country’s exports and 17% of its GDP.
8. Nigeria
Nigeria exported $45.6 billion of crude in 2023, a 3.59% share, making it the largest African exporter on the list. Its proven reserves of 37.1 billion barrels in 2023 are among the largest in Africa.
9. Brazil
Brazil exported $43.8 billion of crude in 2023, or 3.44% of the world total. A large deepwater discovery off its coast in 2006 lifted production in the years that followed. Brazil now holds the second-largest crude reserves in Central and South America, behind Venezuela.
10. Kuwait
Kuwait is a small country on the Arabian Peninsula, yet it ranks among the world’s top oil exporters. It shipped $35.7 billion of crude in 2023, 2.81% of global exports. Production averaged about 2.91 million barrels per day, roughly 3% of world output.
Largest producer vs. largest exporter
The world’s largest oil producer is the United States, not Saudi Arabia. The United States took the top spot in 2018 on the strength of shale output and accounted for about 22% of global production in 2023. It ranks second in exports because it is also the world’s largest oil consumer, so a large share of its production stays at home.
Saudi Arabia is the reverse case. It produces about half as much as the United States on the EIA measure, but its domestic demand is far smaller relative to output, which leaves more crude available to sell abroad.
Reserves follow a third pattern. Venezuela is widely reported to hold the largest proven reserves in the world, yet it does not appear in the 2023 top 10 by export value. Reserves measure what could be produced. Exports reflect what a country actually pumps, refines or consumes, and what it is able to sell.
What moves the rankings
The order of the list is not fixed. Several forces shift it.
- Oil prices. Because the ranking is by value, price swings change dollar totals across the board. Russia’s 2022 invasion of Ukraine pushed crude above $110 per barrel. One widely cited price series puts the all-time high at $139.96 in June 2008, or about $206 in today’s dollars after adjusting for inflation (see the U.S. inflation rate by year for how that adjustment compounds).
- Sanctions and politics. Sanctions on Russia redirected trade routes and changed pricing for its oil.
- Production policy. OPEC members coordinate output targets, which affects how much Saudi Arabia, the UAE, Iraq, Kuwait and Nigeria can ship in a given year.
- Domestic demand and new supply. Rising consumption at home reduces what a producer can export. New fields, such as Brazil’s offshore discoveries or U.S. shale, add export capacity.
Countries outside the top 10 also matter to global supply. Equatorial Guinea, for example, is an oil exporter and an OPEC member, though its exports are far smaller than those of the countries above.
What it means for investors
Export data show which economies and companies are most exposed to oil prices. A country such as Iraq, where oil funds most of the government budget, carries very different risk from Norway or the UAE, whose economies are more diversified. For a company, the useful questions are where its barrels come from, whether its home market is under sanctions, and how its costs compare with the oil price. Fundamental analysis covers how to work through those questions when evaluating producers such as Exxon Mobil, Suncor or Enbridge.
Oil prices also move through the wider economy. Crude production was worth about 2.3% of world GDP in 2023, and fuel costs feed into inflation, interest rates and corporate earnings well beyond the energy sector.
FAQs
Which country exports the most oil right now?
Saudi Arabia, based on 2023 data, the most recent full year compared across countries. It exported $181 billion of crude, 14.2% of the global total. The United States and Russia followed, each with just under 10%.
How much oil does the United States export per day?
The United States exported a record of roughly 4.1 million barrels of crude per day in 2024, according to the EIA. That compares with production of more than 20 million barrels per day of total oil liquids, most of which is consumed domestically.
How much is global oil trade worth?
Global trade in crude petroleum was worth $1.27 trillion in 2023, which makes crude the world's leading export product. That figure was 19.2% lower than in 2022, a decline that reflects lower prices as well as changes in volume.
The Bottom Line
Investors weighing oil companies or oil-dependent economies can use export data to see who is most exposed to price swings. Iraq, where oil funded about 90% of government revenue in 2023, carries different risk from more diversified Norway or the UAE. Because the ranking is by dollar value, shifts in prices, sanctions, OPEC output targets and domestic demand can reorder the list from year to year.
