Saudi Arabia led petroleum exports in 2022. Russia and Iraq followed as major exporters. United States, Canada and UAE were other significant exporters. Saudi Arabia had largest US dollar oil export value
Exports are goods/services sold to other countries. Exporters sell products, importers purchase them. Exports provide access to global marketplace
Global oil demand growth slowed to 0.7% in 2023 due to energy efficiency and economic headwinds. Brent crude oil prices surged to over $80 per barrel in 2022. US emerged as net exporter for first time in decades through shale technology
Global crude oil exports reached $1.29 trillion in 2023, up 52.5% from 2019. Crude oil ranked as world's most valuable exported product. Top 5 exporters supplied 50.8% of global crude oil exports
US exported $2.019 trillion worth of products globally in 2023. Total exports decreased by -2.1% from 2022. Exports represent 7.5% of US GDP in PPP dollars
WTO deals with global rules of trade between nations. Main function is ensuring smooth, predictable and free trade flows. Organization operates in multiple languages including English, French and Spanish