Kuwait ranks seventh in crude oil exporting countries

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KUWAIT CITY, April 13: Crude oil is indeed a cornerstone of the global economy, serving as a vital raw material for various industries, reports Al- Anba daily. Following is the list of top oil exporting countries and their significant contributions to the global oil trade:

Saudi Arabia — Reigning at the top of the list, Saudi Arabia exported $236 billion worth of oil in 2022, comprising 16.2% of global oil exports. With vast reserves and substantial production capabilities, Saudi Arabia plays a pivotal role in global oil markets.

Russia — Following closely, Russia accounted for 9.14% of global oil exports in 2022, with a value of $133 billion. Russia’s expansive oil industry, led by major players like Rosneft and Gazprom, contributes significantly to its export prowess.

Canada — Canada emerges as the third-largest oil exporter, with exports totaling $123 billion in 2022, constituting 8.48% of global exports. The country’s rich oil sands in Alberta are a key driver of its oil production and export capacity.

United States — Despite being a significant consumer, the United States stands as the fourth-largest oil exporter, with exports valued at $118 billion in 2022, representing 8.16% of global exports. The U.S. has witnessed a surge in oil production in recent years, bolstering its export capabilities.

Iraq — Iraq holds the position of the second-largest exporter in the Middle East, with oil revenues reaching $111 billion in 2022, accounting for 7.62% of total exports. Despite facing challenges, Iraq’s oil reserves remain a vital asset for its economy.

United Arab Emirates (UAE) — The UAE exported $105 billion worth of oil in 2022, contributing 7.24% to global oil exports. With significant reserves and production capacity, the UAE continues to play a crucial role in global oil markets.

Kuwait — Despite its small size, Kuwait maintains a prominent position as a major oil exporter, accounting for 4.31% of global oil exports in 2022, with exports valued at $62.6 billion. Norway — Norway stands out as the eighth-largest oil exporter, with exports totaling $58.9 billion in 2021. The country’s substantial reserves and strategic location contribute to its significant role in European oil markets.

Nigeria — Nigeria, with its vast reserves, exported $52.1 billion worth of oil in 2022, representing 3.59% of the global total. The country’s oil industry plays a crucial role in its economy and international trade.

Kazakhstan — Rounding off the list, Kazakhstan exported $47.6 billion worth of oil in 2022, comprising 3.28% of global exports. Kazakhstan’s growing oil production contributes to its rising prominence in the global oil trade.

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