In this piece, we will look at the Top 25 Oil Exporting Countries in the World in 2024. For more, head on over to Top 5 Oil Exporting Countries in the World in 2024.
Navigating the intricate tapestry of the global oil market requires a nuanced understanding of the multifaceted factors that shape its dynamics. Entering the year 2024, the profound importance of oil as a linchpin commodity is unmistakable. The indisputable significance of this industry underscores the critical need to delve into insights about the Top 25 Oil Exporting Countries worldwide in 2024. Petroleum products, with their omnipresence in personal protective equipment, plastics, chemicals, fertilizers, pharmaceuticals, and various other sectors, underscore the indispensability of crude oil.
The Crude Oil Market attained a value of $1424.38 billion in 2022 and is projected to reach $1613.84 billion by 2029, reflecting a compound annual growth rate (CAGR) of 1.8% throughout the forecast period. This anticipated growth underscores the enduring importance of crude oil as a global commodity despite evolving energy landscapes and sustainability concerns. OPEC forecasts world oil demand to reach 2.25 million barrels per day in 2024, marking a significant increase compared to the IEA’s projection of 1.1 million barrels per day for the same period.
According to U.S. Energy Information Administration, during the initial half of 2023, U.S. crude oil exports achieved a notable milestone, averaging 3.99 million barrels per day (b/d). This figure stands as the highest recorded for the first half of a year since 2015, coinciding with the repeal of the U.S. ban on most crude oil exports.
In terms of volume, Europe emerged as the primary regional recipient of U.S. crude oil exports for the first half of 2023, totalling 1.75 million barrels per day (b/d). Notably, exports to the Netherlands and the UK played a leading role in this considerable figure. Following closely, Asia stood as the second-largest regional destination, receiving 1.68 million b/d, for the same period, primarily attributed to exports directed to China and South Korea. Additionally, the United States engaged in the export of comparatively smaller crude oil volumes to Canada, Africa, Central America, and South America.
Despite the uptick in exports witnessed in the first half of 2023, it’s essential to note that the United States, as a net crude oil importer, continues to import more crude oil than it exports. This dynamic emphasizes the ongoing significance of the United States as a major player in the global crude oil trade, maintaining a delicate balance between export and import activities.
This article aims to provide a comprehensive overview of the Top 25 Oil Exporting Countries in the World in 2024, shedding light on the evolving landscape of oil production and exportation. Amidst the ever-changing dynamics, the Russia-Ukraine war has emerged as a pivotal factor as well, exerting significant influence on the global oil market. Geopolitical developments have prompted Russia to redirect its crude and fuel exports to South and East Asia, a strategic move with profound repercussions.
Concurrently, former markets in Europe have witnessed a recalibration, as they are now being supplied with crude and products from the Middle East and Asia. As the geopolitical undercurrents reshape trade flows, the United States and the European Union have responded by imposing broad sanctions on Russia’s exports. However, these measures are tempered by significant exceptions and a measured approach to enforcement.
Notably, the conflict has spurred a 70.72% change in WTI crude oil prices and a 73.62% change in Brent crude oil prices, underscoring the profound influence of geopolitical events on the volatility of oil markets.
In essence, this article provides a look at the Top 25 Oil Exporting Countries in the World in 2024, encapsulating the global economic interdependencies, geopolitical nuances, and market dynamics that collectively shape the course of the oil industry in the present era. It is also imperative to mention some of the big titans of this industry like Chevron Corporation (NYSE:CVX), ConocoPhillips (NYSE:COP) and Exxon Mobil Corporation (NYSE:XOM) that have made their mark.
Chevron Corporation (NYSE:CVX)
Chevron Corporation (NYSE:CVX), an integrated energy company, specializes in crude oil and natural gas production, along with manufacturing transportation fuels, lubricants, and petrochemicals. Despite its diversified portfolio, Chevron (NYSE:CVX) experienced a notable decline in revenue in 2023, with a year-over-year decrease of 18.40%, totalling $200.95 billion. In the fourth quarter of 2023 alone, revenue dropped by 16.46% to $47.18 billion compared to the same period the previous…
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