Crude oil is the world’s most widely traded product. It is used to manufacture many products, including gasoline, heating fuel, and plastics. Global crude oil trade amounted to $1.45 trillion in 2022 with exports growing by 46.1% between 2021 and 2022.
Saudi Arabia led the world in annual oil exports, but that changed in 2019 when the United Arab Emirates overtook it as the world’s biggest oil exporter. Saudi Arabia recaptured the top…