Leading Oil Exporting Countries

According to April 2008 statistics from the Central Intelligence Agency’s World Factbook, world oil exports in 2004 amounted to 63.8 million barrels per day.
That figure represents 81% of global oil production for all countries in the study.
European Union countries export almost 7 million barrels of oil daily, even though these same countries produce only about 2.9 million barrels per day. The reason for this discrepancy is the fact that European nations export fuel to hub countries like Germany and Italy which then re-export oil in order to realize distribution profits.
Top Ten Oil Exporting Countries
1. Saudi Arabia … 8.9 million barrels per day (14% of estimated world total)
2. Russia … 5.1 million bpd (8%)
3. Norway … 3 million bpd (4.7%)
4. United Arab Emirates … 2.54 million bpd (4%)
5. Iran … 2.52 million bpd (4%)
6. Canada … 2.3 million bpd (3.6%)
7. Mexico … 2.27 million bpd (3.6%)
8. Venezuela … 2.2 million bpd (3.5%)
9. Kuwait … 2.2 million bpd (3.5%)
10. Nigeria … 2.1 million bpd (3.4%).
Other Big Oil Exporting Nations
11. United Kingdom … 2 million barrels per day (3.1% of estimated world total)
12. Algeria … 1.7 million bpd (2.7%)
13. Iraq … 1.7 million bpd (2.6%)
14. Netherlands … 1.5 million bpd (2.4%)
15. Libya … 1.3 million bpd (2.1%)
16. Singapore … 1.1 million bpd (1.7%)
17. United States … 1.05 million bpd (1.6%)
18. Angola … 1.02 million bpd (1.6%)
19. Kazakhstan … 1 million bpd (1.6%)
20. Qatar … 960,600 bpd (1.5%)
21. Azerbaijan … 795,600 bpd (1.2%)
22. Oman … 733,100 bpd (1.1%)
23. Malaysia … 611,200 bpd (1%)
24. Belgium … 523,400 bpd (0.8%)
25. Italy … 521,400 bpd (0.8%).
Countries Exporting More Than 80% of Their Oil Production
Countries like Singapore, Belgium, Netherlands and Italy import much of their oil expressly to ship out to clients in other countries. This is also true for the United Kingdom and Norway, although to a lesser percentage.
1. Singapore … 10,909% of domestic oil production was exported
2. Belgium … 5,816%
3. Netherlands … 2,034%
4. Italy … 316%
5. United Kingdom … 105.1%
6. Norway … 101.3%
7. United Arab Emirates … 100%
8. Oman … 99.1%
9. Nigeria … 87.7%
10. Qatar … 86.5%
11. Azerbaijan … 85.1%
12. Algeria … 82.5%
13. Kuwait … 82.4%
14. Malaysia … 81.3%
15. Angola … 81%
16. Saudi Arabia … 80.9%.

Market Speculations & guesses that that triggered price swings in past

The surge in oil prices in the past several years has led some experts to argue that at least some of the rise is due to speculation in the futures markets. Some of those events are listed below :

• A recent report suggested that Saudi Arabia's oil fields now are in decline, that the country will not be able to satisfy the world's thirst for oil in coming years. This report brought huge swings in prices although the report is still to be verified.

Past events That Triggered Swings In Prices Of Petroleum

Following are some of the events in past that triggered huge swings in prices of petroleum

• In January 1999 , after increased oil production from Iraq coincided with the Asian Financial Crisis, which reduced demand A low point was reached at $16( US$ per barrel), .
• In september 2006 , US crude crossed $80. Multiple factors caused this high price. OPEC announced an output increase lower than expected. US stocks fell lower than experts predicted, changes in federal oil policies , and six pipelines were attacked by a leftist group in Mexico.
• In October 2007 US light crude rose above $90 for the first time, due to a combination of tensions in eastern Turkey and the reducing strength of the US dollar.
• On November 19, 2007, global oil prices reacted strongly as OPEC members spoke openly about potentially converting their cash reserves to the euro and away from the US dollar.
• On July 11, 2008, oil prices rose to a new record of $147.27 following concern over recent Iranian missile tests.
• On October 10, 2008, oil traded below $85 on the New York Mercantile Exchange. In response OPEC has stated that it will meet November 18, 2008, a month ahead of their regularly scheduled meeting to discuss cutting production as oil experiences declining world demand