In 2024, total global exports of crude oil reached an estimated US$1.26 trillion.

This figure reflects a 52.6% increase compared to $824.8 billion in 2020, highlighting crude oil’s continued dominance in international trade. On a year-over-year basis, crude oil exports rose 6.9% from $1.18 trillion in 2023.

Crude oil remains the world’s single most valuable export product in 2024, ahead of integrated circuits, automobiles, refined petroleum oils, and unwrought gold. The commodity accounted for 5.4% of all globally exported goods, slightly down from 5.5% in 2023.

The five leading crude oil exporters—Saudi Arabia, Russia, the United States, the United Arab Emirates, and Canada—collectively supplied over half (52%) of all global crude oil shipments in 2024.

Note: The Harmonized System code for crude oil is 2709.

Top Crude Oil Exporting Countries

Below are the 15 countries that recorded the highest export values for crude oil in 2024:

1.Saudi Arabia: US$191.1 billion (15.2%)

2.Russia: $122.5 billion (9.7%)

3.United States: $118.5 billion (9.4%)

4.United Arab Emirates: $114.9 billion (9.1%)

5.Canada: $107.5 billion (8.5%)

6.Iraq: $98.4 billion (7.8%)

7.Norway: $49.7 billion (4%)

8.Brazil: $45 billion (3.6%)

9.Kazakhstan: $42.9 billion (3.4%)

10.Nigeria: $38.4 billion (3.1%)

11.Kuwait: $35.5 billion (2.8%)

12.Angola: $31.3 billion (2.5%)

13.Libya: $27.3 billion (2.2%)

14.Oman: $25.8 billion (2%)

15.Mexico: $21.7 billion (1.7%)

Together, these 15 countries accounted for 91.1% of global crude oil exports in 2024.

Among them, the fastest-growing exporters since 2023 were Canada (+7.9%), Brazil (+5.5%), Russia (+4.6%), and Kazakhstan (+1.3%).

In contrast, export values fell sharply for the UAE (-29.4%), Kuwait (-28.7%), Nigeria (-21.5%), Mexico (-21.3%), and Libya (-13.4%).

Leading Crude Oil Exporting Companies

According to Tendata's global trade database, the following are the world's 10 largest crude oil exporting companies in 2024:

1.PEMEX Exploración y Producción EPS – 19.33% ($50.92 billion)

2.ТОО Тенгизшевройл (Tengizchevroil LLP) – 14.16% ($37.30 billion)

3.ПАО НК Роснефть (Rosneft PJSC) – 13.02% ($34.31 billion)

4.АОЗТ Карачаганак Petroleum Operating B.V. – 4.13% ($10.88 billion)

5.ПАО Сургутнефтегаз (Surgutneftegas PJSC) – 4.04% ($10.65 billion)

6.ПАО Лукойл (Lukoil PJSC) – 3.82% ($10.06 billion)

7.Ecopetrol S.A. – 3.59% ($9.45 billion)

8.ПАО Газпром нефть (Gazprom Neft PJSC) – 3.19% ($8.41 billion)

9.TotalEnergies EP Kazakhstan – 3% ($7.91 billion)

10.Kazakhstan Pipeline Ventures LLC – 2.9% ($7.65 billion)