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Gallery: World’s Top Oil Exporters
Preview of the world’s leading oil and gas exporters
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Russia’s PM Dmitry Medvedev (C) during at a signing with Lundin Petroleum board director Ian Lundin (L) and Rosneft president Igor Sechin (R).
Russia
Russia is the world’s second largest exporter of oil and the second-largest producer of dry natural gas in the world. It ranks third in terms of liquid fuels production volume, averaging about 10.5 million bpd in 2013. Russia’s economy is highly dependent on the hydrocarbon sector, with 52% of the country’s federal revenues coming from oil. In 2012, petroleum accounted 70% of Russia’s total exports (PFC Energy) with the majority of its crude being exported through pipelines. Russia currently holds the largest natural gas reserves in the world and is the second-largest producer of dry natural gas.
Abu Dhabi National Oil Company (ADNOC) of the UAE was established in 1971 to operate in all areas of the oil and gas industry.
United Arab Emirates
A key member of the Gas Exporting Countries Forum (GECF) and the Organization of Petroleum Exporting Countries (OPEC), the United Arab Emirates is a major producer and exporter of oil and gas in the world. Registering an average production rate of 2.8 million bpd of crude oil in 2012, the UAE is ranked eighth highest in oil production volume which makes it the third largest oil exporter in the world. However, the country has the highest consumption rate of petroleum per capita and one of the highest growth rates in the world, which has led to increasing demand for energy. The country currently relies primarily on natural gas for electricity generation and is in the process of diversifying its energy mix.
Kuwait City’s banking complex is decorated with lights in the colours of the national flag on February 24, 2014.
Kuwait
Holding the sixth largest oil reserves in the world, Kuwait is a top producer and net exporter of oil. It exports the third largest volume of oil amongst the OPEC member nations despite having the second smallest land size. In 2012, Kuwaiti net exports of total liquids were estimated at 2.4 million bpd with most crude oil sold on term contracts. The gas sector is the new focus for Kuwait’s national oil company with plans to increase production to 4 billion cu ft/d by 2030, it has also shown remarkable success in programmes to minimise flaring of associated gas. This is expected to decrease LNG imports and satisfy domestic demand for gas. Asia remains the primary destination for Kuwaiti oil.
A tanker parked outside Nigerian National Petroleum Corporation headquarters in Abuja.
Nigeria
Accounting for 96% of total export revenues (IMF), oil and gas is the mainstay of Nigeria’s economy. Nigeria is Africa’s largest producer and exporter of oil and was the fourth largest exporter of LNG in the world in 2012. It holds the largest reserves of natural gas in Africa and has the ninth largest natural gas reserves globally. For the past 10 years, the country has accounted for up to 11% of the US’s crude imports. Japan remains Nigeria’s largest LNG customer, importing 24% of Nigeria’s total exports in 2012. Nigerian crude oil production peaked at 2.44 million bpd in 2005 and has dwindled since, due to supply disruptions and political instability. The recently revised Petroleum Industry Bill is expected to stabilise the sector and increase its efficiency.
Iraqi flag flutters during the official opening of a refinery in Al-Dora refinery complex, Baghdad.
Iraq
Iraqi crude oil production averaged 3 million bpd in 2012, replacing Iran as the second largest crude oil producer in OPEC. This level of production however falls short of its actual production goals due to political instability and infrastructural constraints. Iraq was the world’s sixth largest exporter of petroleum in 2012, exporting 19% of its crude oil to the US, 20% to Europe, 13% to China, 19% to India and 11% to South Korea (Lloyd’s List Intelligence). Although the country is taking steps to curb its natural gas production challenges, it still flares the majority of its associated gas.
View of an Iranian oil facility.
Iran
Over 50% of Iran’s proven oil reserves of 154 billion barrels are held in five large fields. This makes Iran’s reserves the fourth largest in the world, accounting for 9% of the world’s total oil reserves. Despite the decline in Iranian oil exports caused by U.S and EU sanctions, the country has maintained its position among the top ten crude oil exporters internationally. Its crude oil exports declined to 1.5 million bpd and it lost its position as third-largest oil exporter in OPEC. Iran’s natural gas reserves are the second-largest in the world with most of it untapped.
Angola’s Minister of Petroleum Jose Maria Botelho de Vasconcelos at the 164th OPEC meeting in Vienna.
Angola
Angola is the second-largest oil producer in Africa, following Nigeria. The country experienced a six year oil boom that started in 2002, during which it became a member of OPEC. Currently producing oil at 1.7 million bpd, Angola’s national oil company aims to attain a crude oil production rate of 2 million bpd by 2015. Since 2005, Angola has been China’s second-largest supplier of crude oil after Saudi Arabia. Other major importers of Angolan oil are; the US, EU and India. Angola started exporting LNG in 2013, however production quantities remained low as a large part of the gas production is either flared or re-injected into oil wells.
A Venezuelan flag is displayed on an oil refinery in the Venezuelan city of Moron.
Venezuela
Venezuela had 211 billion barrels of proven oil reserves in 2011 and further exploration from the “Magna Reserva” project could see these reserves go up to 316 billion barrels. The country had net oil exports of 1.7million bpd in 2010, making it the eighth-largest oil exporter in the world. Its oil exports have dropped by nearly 50% since its 1997 peak of 3 million bpd. A large portion of Venezuela’s oil export head towards the US. With refineries in the Gulf coast that are designed to refine Venezuela’s heavy crude, it is the US’s fourth largest supplier of crude oil. Recent attempts to diversify their oil export destinations have seen Venezuela increase exports to China. China imported 230,000 bpd from Venezuela in 2011 which is significantly up from 19,000 bpd in 2005.
A gas station board in Oslo, displaying prices of diesel and petrol.
Norway
Norway is Europe’s largest oil producer and the world’s second largest natural gas exporter. Norway had 5.32 billion barrels of proven oil reserves as of January 1, 2012, the largest oil reserves in Western Europe, producing about 2 million bpd of petroleum of which about 87% was crude oil. Norway’s crude exports stood at 1.45 million bpd in 2011 with 90% going to OECD European countries (International Energy Agency). The UK is the largest importer of Norwegian oil, accounting for more than half of its exports in 2011. Other major importers are the Netherlands, United States, France and Germany.
Workers leave the Suncor oil sands extraction facility in Alberta Province, Canada.
Canada
Canada is the primary source of US oil and gas imports and the fifth largest energy producer in the world. The advent of oil sands in Canada has significantly boosted world supply of liquid fuels. Canada had 173.6 billion barrels of proven oil reserves in 2012, of which oil sands accounted for approximately 170 billion; a whopping 98% of Canada’s oil reserves. The contentious Keystone Pipeline System in Canada could play a significant role in oil transportation. The pipeline system would run from Western Canada to refineries in the US carrying crude oil and diluted bitumen. Canada is the third-largest producer of dry natural gas in the world.
