Global crude oil export value by country 2023

Saudi Arabia’s crude oil exports in 2023 had a value of 310.6 billion U.S. dollars. This was the highest amount made by any crude oil exporting country that year and corresponded to a 16.3 percent share of global crude exports based on value.

What is crude oil and who are the largest producers?

Crude oil is unrefined petroleum that is made up of hydrocarbons as well as other organic materials. It is a fossil fuel that can be refined to create products such as transportation and heating fuels, as well as plastics, resins, solvents, and lubricants. It is a nonrenewable resource, meaning that there is a limited amount of it on Earth and it cannot be replaced naturally at the same rate as our current global consumption. Global oil production stands at nearly 96 million barrels per day.

Oil production in Saudi Arabia

It follows that as the greatest exporter based on value, Saudi Arabia is also one of the world’s largest oil producers. As of 2023, the Middle Eastern country and OPEC member state accounted for a 12.9 percent share of oil produced, second only to the United States. As the U.S. is also the country with the highest oil consumption worldwide, it uses more oil domestically and exports less than its competitors. The U.S. export value was roughly half that of Saudi Arabia.