#America net exporter of oil code#

Rank Exporter Crude Oil Exports (US$) 2021-2 1. The 102 exporters in the database below were responsible for 100% of all crude oil shipped in 2022. Searchable List of Crude Oil Exporting Countries in 2022 Shown within parentheses is the country where each conglomerate has its headquarters. The above corporations are presented in the same order as they appear in Forbes listings. Crude Oil Exporting Companiesīased on the Forbes Global 2000 rankings, the following oil and gas companies are among the top 100 largest companies in the world. The other side of the coin is that these deficits signal opportunities for crude oil-supplying countries that help satisfy their powerful demand, and also for entrepreneurs who develop alternative energy sources that can power industrial economies. That negative cashflow highlights both countries’ strong competitive disadvantages for this specific product category. Three large Asian economies, mainland China, Japan and South Korea, incurred the highest amount of red ink trading crude oil on international markets in 2022.

China: -US$471 billion (net export deficit up 33.5% since 2021).

Thus, the statistics below present the deficit between the value of each country’s crude oil import purchases and its exports 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 negative net exports for crude oil during 2022. In turn, this positive cashflow confirms Russia’s strong competitive advantage for this specific product category. Reflecting its independence from imported crude oil, the Russian Federation generated the highest surplus in the international trade of crude petroleum oils in 2022.

United States of America: $55.9 billion (up 266.9%).

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. 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).

#America net exporter of oil code#

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. Oil rig Globally exported crude oil totaled US$1.35 trillion for 2022.