Value of crude oil exports worldwide by exporting country 2018
Saudi Arabia’s crude oil exports in 2018 had a value of 182.5 billion U.S. dollars, the highest value of any crude oil exporting country worldwide that year. This export value corresponded to a 15.9 percent share of global crude exports based on value.
Crude oil
Crude oil is unrefined petroleum that is made up of hydrocarbon deposits as well as other organic materials. It is a fossil fuel that can be refined to make products such gasoline and diesel. However, it is a nonrenewable resource, meaning that there is a limited amount of it on Earth. It cannot be replaced naturally at the same rate as our current global consumption.
Crude oil production and trade
It follows that as the world’s largest crude oil exporter based on value, Saudi Arabia is also one of the world’s largest crude oil producers. As of 2017, the middle eastern nation accounted for a 12.8 percent share of the global crude oil produced, second only to the United States.
Crude oil
Crude oil is unrefined petroleum that is made up of hydrocarbon deposits as well as other organic materials. It is a fossil fuel that can be refined to make products such gasoline and diesel. However, it is a nonrenewable resource, meaning that there is a limited amount of it on Earth. It cannot be replaced naturally at the same rate as our current global consumption.
Crude oil production and trade
It follows that as the world’s largest crude oil exporter based on value, Saudi Arabia is also one of the world’s largest crude oil producers. As of 2017, the middle eastern nation accounted for a 12.8 percent share of the global crude oil produced, second only to the United States.
