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Monday, September 24, 2018

World’s largest crude oil exporters

The recently published OPEC Annual Statistical Bulletin has information on the amount of crude oil exported by Member States. The world’s largest exporter, Saudi Arabia, increased crude oil exports by 1.24 mbd from 2002 to 2003 reaching exports 6.52 mbd. This is the highest level of Saudi exports since 1992; however the increase must be seen against the background of the low export level of 2002.

The world’s largest crude oil exporters are shown in the graph below including estimates for 2004. In our overview of the largest crude oil exporters last year it looked as if the level exported in 2002 by the Former Soviet Union (FSU) was close to that exported by Saudi Arabia, the difference being only 1.24 mbd. Although the FSU increased exports the difference between them in 2003 widened to 1.84 mbd. However, the extraordinary growth in FSU exports in the last ten years is matched by no other and oil production in Saudi Arabia may appear to be reaching its maximum.

Also other OPEC members, such as Iran, UAE, Nigeria and Kuwait increased exports from 2002 to 2003. Norwegian exports have slowly declined since 2001 as have UK exports since 2000 following the slowdown in North Sea production.

Those reporting the largest increases in crude oil exports were: Saudi Arabia +1.24 mbd, FSU +0.64 mbd, Nigeria +0.51 mbd, UAE +0.43 mbd and Iran +0.3 mbd.

Excluding Iraq, the Middle East OPEC countries increased crude oil exports by 2.08 mbd from 2002 to 2003. Translated into demand for tankers, if 1.5 mbd transported AG-East and the remainder to the U.S. (Cape/Suez), this export increase alone amounted to a demand for an additional 53 VLCCs.

Looking at the background of the oil production levels for the first seven months of this year, crude oil exports for 2004 from the FSU are estimated to have increased the most (+0.54 mbd) reaching 5.22 mbd, while those from Saudi Arabia increased by just 0.2 mbd reaching 6.72 mbd.

Further details of oil supply, demand and exports can be found at the following link on the INTERTANKO website:

Contact: Erik Ranheim  or Jan Svenne