Crude oil export import. Representing 3.8% of all export commodities by value, global shipments of crude oil totaled an estimated US$661.8 billion for 2020.
That dollar figure reflects a 5.1% increase since 2016 but a -34.5% decline from 2019 to 2020.
The top 5 exporters of crude oil in 2020 were Saudi Arabia, Russia, Iraq, United States and United Arab Emirates. Combined, those crude oil shippers account for half (50.7%) of exported crude petroleum oil.
Crude oil ranked as the world’s number two export product in 2020, lagging international sales of exported electronic circuits.
For research purposes, the 4-digit Harmonized Tariff System code prefix for crude oil is 2709.
Crude Oil Exports by Country
Below are the 15 countries that exported the highest dollar value worth of crude oil during 2020.
- Saudi Arabia: US$113.7 billion (17.2% of exported crude oil)
- Russia: $72.6 billion (11%)
- Iraq: $50.8 billion (7.7%)
- United States: $50.3 billion (7.6%)
- United Arab Emirates: $47.9 billion (7.2%)
- Canada: $47.6 billion (7.2%)
- Kuwait: $28.3 billion (4.3%)
- Nigeria: $25.2 billion (3.8%)
- Kazakhstan: $23.7 billion (3.6%)
- Norway: $22.7 billion (3.4%)
- Angola: $20.2 billion (3.1%)
- Brazil: $19.6 billion (3%)
- United Kingdom: $16.1 billion (2.4%)
- Oman: $15 billion (2.3%)
- Mexico: $14.9 billion (2.2%)
By value, the listed 15 countries shipped 85.9% of globally exported crude oil in 2020.
Not one among the above top exporters increased their revenues from selling exported crude oil from 2019 to 2020. The most modest declines belonged to United Arab Emirates (up -14.5%), Brazil (up -18.3%), Norway (up -21.4%) and the United States (up -23%).
Those countries that posted the severest declines in their international sales of crude oil were led by: Russia (down -40.2%), Kuwait (down -39.2%), Nigeria (down -38.7%), Iraq (down -38.7%) and Angola (down -35.4%).
Please note that the published statistics for Saudi Arabia are estimates, given constraints on source data from that jurisdiction.