New Delhi: Ever since Russia’s invasion of Ukraine, the price of Brent crude oil is on boil. It has recently reached near $140 per barrel.
Although the price has cooled down and reached $111 per barrel, it is likely to spike again as various countries are imposing sanctions on Russia over Ukraine crisis.
As per 2019 data, many countries imported the oil from Russia which is the second largest exporter of crude oil in the world.
List of top crude oil exporters in the world
As per 2019 data, the following is the list of the top crude oil exporters.
- Saudi Arabia ($145bn)
- Russia ($123bn)
- Iraq ($73.8bn)
- Canada ($67.8bn)
- US ($61.9bn)
Which country imports Russia oil?
As per 2019 data, many countries have imported crude oil from Russia.
Out of the total export of Russian oil, China bought 27.3 percent worth $33.7 bn whereas India imported only 0.9 percent worth $1.11 bn.
List of countries that depend on Russian oil
- China (27.3%)
- Netherlands (16.5%)
- Germany (6.91%)
- South Korea (5.98%)
- Belarus (5.29%)
- Poland (5.06%)
- Italy (4.83%)
- Finland (3.59%)
- Turkey (2.99%)
- Japan (2.64%)
- US (1.82%)
- Slovakia (1.76%)
- Hungary (1.52%)
- Lithuania (1.36%)
- Czechia (1.36%)
- Bulgaria (1.35%)
- Romania (1.15%)
- UK (0.99%)
- India (0.9%)
- Greece (0.82%)
- France (0.8%)
- Sweden (0.76%)
- Serbia (0.54%)
- Croatia (0.51%)
- Spain (0.5%)
- Portugal (0.41%)
- Canada (0.34%)
- Singapore (0.23%)
- Malaysia (0.23%)
- Denmark (0.2%)
- Latvia (0.16%)
- Thailand (0.16%)
- New Zealand (0.16%)
- Norway (0.13%)
- Belgium (0.11%)
- Australia (0.11%)
- Azerbaijan (0.1%)
- Austria (0.094%)
- Philippines (0.078%)
- Myanmar (0.045%)
- Cuba (0.032%)
- Curacao (0.031%)
- Colombia (0.023%)
- UAE (0.019%)
- Other Asia (0.0066%)
Consumers, producers of crude oil
The Organization of the Petroleum Exporting Countries (OPEC) which is a multinational organization comprised of 13 member nations produces 40 percent of the world’s crude oil.
Outside OPEC too, there are major crude oil-producing countries. The top five oil producing countries are as follows
- US (18.61 million barrels per day),
- Saudi Arabia (10.81 mbpd)
- Russia (10.5 mbpd)
- Canada (5.23 mbpd)
- China (4.86 mbpd)
The US which is the top producer of oil is also the top consumer of crude oil.
In 2019 when world consumed over 99 mbpd, the US consumed one-fifth of it i.e., 20.48 mbpd.
The list of top five consumers of crude oil is as follows
- US (20.54 mbpd)
- China (14.01 mbpd)
- India (4.92 mbpd)
- Japan (3.74 mbpd)
- Russia (3.70 mbpd)
