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Countries most dependent on oil

  • #30. Tunisia

    Oil revenue as % of GDP (2016): 1.79%

    Fuel exports as % of merchandise exports (2017): 5.65%


     

  • #29. Papua New Guinea

    Oil revenue as % of GDP (2016): 2.01%

    Fuel exports as % of merchandise exports (2012): 1.666%


     

     

  • #28. Cameroon

    Oil revenue as % of GDP (2016): 2.10%

    Fuel exports as % of merchandise exports (2017): 6.17%

     

  • #27. Colombia

    Oil revenue as % of GDP (2016): 2.18%

    Fuel exports as % of merchandise exports (2017): 49.96%

     

  • #26. Trinidad and Tobago

    Oil revenue as % of GDP (2016): 2.28%

    Fuel exports as % of merchandise exports (2015): 48.866%

  • #25. Bahrain

    Oil revenue as % of GDP (2016): 2.54%

    Fuel exports as % of merchandise exports (2017): 55.03%

    In April 2018, Bahrain discovered an estimated 80 billion barrels of oil, the largest haul in the country’s history, which is expected to aid its economy. Prior to the discovery, Bahrain was known for having low production of oil (relative to its neighbors, at least).

  • #24. Egypt

    Oil revenue as % of GDP (2016): 3.09%

    Fuel exports as % of merchandise exports (2017): 16.35%

    Egypt is not currently a member of the Organization of Petroleum Exporting Countries (OPEC), but it is a member of the Organization of Arab Petroleum Exporting Countries. In order to increase oil production, the Egyptian government has signed $15 billion worth of oil and gas exploration deals since June 2014.

  • #23. Suriname

    Oil revenue as % of GDP (2016): 3.4%

    Fuel exports as % of merchandise exports (2017): 9.46%

    After being halted for decades due to a maritime boundary disagreement with Guyana, there is now ongoing offshore oil exploration in the Guyana-Suriname Basin. There have been nine discoveries on Guyana’s side of the basin since 2015, but no significant finds in Suriname’s territory.

  • #22. Nigeria

    Oil revenue as % of GDP (2016): 3.55%

    Fuel exports as % of merchandise exports (2017): 96.3%

    Nigeria has the largest population of all OPEC members. The country’s oil was first discovered in 1956; however, Nigeria has faced a number of challenges to their oil industry in recent years, including decreased production rates, oil theft, and pipeline vandalism.

  • #21. Ecuador

    Oil revenue as % of GDP (2016): 3.76%

    Fuel exports as % of merchandise exports (2017): 33.1%

    Ecuador’s first productive oil well, Ancon 1, began producing in 1921. A member of OPEC, Ecuador cut its output by 2.07% in 2018 in order to meet the organization’s compliance requirements.

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