Crude Petroleum Oil Exports from OPEC Increase in 2021

09 July 2022
Global Trade Data

Crude petroleum oil exports from the Organization of the Petroleum Exporting Countries (OPEC) were increased in 2021 and stood at US$314,959 million approx. as compared to US$267,024 million approx. in 2020 (excluding Saudi Arabia). Saudi Arabia is the world’s biggest exporter of crude petroleum oil, followed by Iraq, and the United Arab Emirates. OPEC countries shared about 40% of the total world’s crude oil exports in 2021. Here’s a bigger picture of crude oil exports from OPEC.


OPEC Crude Oil Exports from 2012 to 2021


The global countries exported crude petroleum oil worth US$820,831 in 2021. And the OPEC nations shipped crude oil worth US$314,959 (excluding Saudi Arabia) in the said year. If we see year-wise trends, OPEC exports of oil stood at US$872,558 million in 2012, that dollar amount declined till 2020 and later increased in 2021. Here’s a data visualization of OPEC crude exports from 2012 to 2021 (excluding Saudi Arabia data).



Year

Value US$ Million (Approx.)

2012

872,558

2013

810,467

2014

753,572

2015

403,918

2016

356,187

2017

465,972

2018

425,720

2019

348,737

2020

267,024

2021

314,959

 


OPEC Crude Oil Exports by Country


OPEC crude oil exports shared about 38% of the world’s oil exports in 2021 (excluding Saudi Arabia). In this total market share, Iraq stood as the top OPEC exporter country of crude oil with a share of 9%, followed by the United Arab Emirates with 8.8%. Below given chart shows the value in percentile of OPEC top exporting countries to crude petroleum oil (excluding Saudi Arabia) reported in 2021.



Exporter Country

Value US$ Million (Approx.)

Value US$ %

Iraq

73,972

9

United Arab Emirates

72,117

8.8

Kuwait

40,169

4.9

Nigeria

36,256

4.3

Libya

27,853

3.3

Angola

27,810

3.3

Qatar

17,599

2.1

Algeria

11,895

1.4

Ecuador

7,278

0.9

 


****Saudi Arabia is the top-most crude oil exporter country in OPEC and the world as well. We have mirror data of Saudi Arabia. On average, Saudi Arabia exports crude oil worth more than US$100 billion every year. In 2017, Saudi Arabia exports of oil stood at US$133 billion.


Crude oil production by OPEC members rose 2.7% to 26.36 million barrels per day in 2021 compared with 25.65 million barrels per day in 2020. However, the production was lower by 10% compared with 2019.


Which Countries Imported Crude Oil from OPEC Countries in 2021?


Asia countries including China, India, Japan, and South Korea import the highest quantity of crude petroleum oil from the OPEC nations. In 2021, China imported about US$79,241 worth of crude oil from OPEC nations, followed by India with a value of US$54,836 million. These values are approx. The highest number of shipments comes from Saudi Arabia. Here’s a list of the top 10 importer countries with their approx. values of crude oil purchased from OPEC countries in 2021.



Importer Country

Value US$ Million (Approx.)

China

79,241

India

54,836

Japan

32,552

South Korea

19,421

Singapore

12,804

Italy

12,674

Spain

11,371

United States

11,365

Thailand

10,770

France

7,600

 


As Russia is not a member of OPEC, so the crude oil exports from OPEC countries are expected to increase in 2022 due to the ongoing Russia-Ukraine war. Many European countries and other nations are planning to phase out imports of Russian oil, hence they may import oil from the OPEC countries. Therefore, OPEC nations are likely to see a growth in the crude petroleum industry.

Is this article helpful. Share with others!   

Add Comments


Request a Demo close modal

Get global trade data online at your fingertips!

Copyright © 2021 Export Genius. All rights reserved