Globally, oil is the most exported product. While Saudi Arabia was the largest oil exporter, the UAE and the US have increased their share in recent years. Here is a quick look at the top ten oil-exporting countries in the world that account for nearly 75% of the world’s oil exports.
Some of the tankers shipping varieties in this category are as follows:
The primary objectives of OPEC were:
The Organization of the Petroleum Exporting Countries or OPEC consists of 13 major players in the global oil industry.
| Algeria | Angola | Equatorial Guinea | Gabon | Iran | Iraq | Kuwait | Libya | Nigeria | The Republic of Congo | Saudi Arabia | The United Arab Emirates | Venezuela |
In 2016, a larger group was formed called OPEC+ to increase the organisation’s control over the global crude oil market. These non-OPEC countries are:
| Azerbaijan | Bahrain | Brunei | Kazakhstan | Malaysia | Oman | Russia | Sudan | South Sudan |