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Countries most dependent on oil

  • #20. Norway

    Oil revenue as % of GDP (2016): 3.84%

    Fuel exports as % of merchandise exports (2017): 53%

    The first Norwegian oil fields to be developed were in the North Sea in the 1970s. Norway is currently recovering from the 2014 oil crash. Forty to 45 wells will be drilled in 2018, compared to about 30 in 2017.

  • #19. Turkmenistan

    Oil revenue as % of GDP (2016): 5.52%

    Fuel exports as % of merchandise exports: Not reported since 2000

    Oil extraction began in Turkmenistan in 1909, and reached a peak in 1974. In 2017, Turkmenistan’s president announced plans to invest billions of dollars to boost the country’s oil and gas sectors.

  • #18. Brunei Darussalam

    Oil revenue as % of GDP (2016): 6.93%

    Fuel exports as % of merchandise exports (2017): 87.88%

    Brunei's oil production peaked in 2002 with more than 220,000 barrels produced per day. Until recently, Brunei thrived off its oil wealth and was considered the second-richest country in Southeast Asia, after Singapore. Now that global energy prices have dropped, Brunei’s economy is suffering.

  • #17. Russia

    Oil revenue as % of GDP (2016): 7.01%

    Fuel exports as % of merchandise exports (2017): 47.19%

    Russia is an ally (not a member) of OPEC, and in June 2018 agreed with organization’s decision to boost oil output. In September 2018, Russia hit a record high for post-Soviet oil production levels at nearly 11.4 million barrels per day.

  • #16. Chad

    Oil revenue as % of GDP (2016): 8.66%

    Fuel exports as % of merchandise exports: Not reported since 1975

    Chad has the 10th-largest oil reserve in Africa. The Chad-Cameroon Petroleum Development and Pipeline Project was completed in 2003, and now carries oil from southern Chad through Cameroon to an offshore floating storage vessel.

  • #15. Kazakhstan

    Oil revenue as % of GDP (2016): 10.05%

    Fuel exports as % of merchandise exports (2017): 60.74%

    Chevron made a $36.8 billion deal with Kazakhstan in 2016 to develop the Tengiz oil field. Kazakhstan has plans to increase its production rate to 130 million tons per year by 2020. The ongoing expansion in output has put them at risk of violating their obligations to OPEC.

  • #14. Gabon

    Oil revenue as % of GDP (2016): 10.37%

    Fuel exports as % of merchandise exports (2009): 83.135%

    Gabon was a member of OPEC from 1975 to 1995, and rejoined in 2016. Their oil production peaked in 2006 at 370,000 barrels per day. As older oil fields lose potency, focus has shifted to offshore resources.

  • #13. Algeria

    Oil revenue as % of GDP (2016): 10.92%

    Fuel exports as % of merchandise exports (2017): 93.99%

    Oil was first discovered in Algeria in 1956, and production began in 1958. In 2018, the country pledged to begin initiatives to increase oil output and exports. Algeria is the geographically largest member of OPEC.


     

  • #12. Angola

    Oil revenue as % of GDP (2016): 12.63%

    Fuel exports as % of merchandise exports (2014): 94.995%

    A member of OPEC, Angola is the second-largest oil producer in Africa. There has been a decrease in output over the last decade, from 1.9 million barrels per day to 1.5 million. The government is looking to turn this trend around with the newly minted National Agency of Petroleum and Gas.


     

  • #11. Iran

    Oil revenue as % of GDP (2016): 13.57%

    Fuel exports as % of merchandise exports (2011): 70.479%

    The first person to discover oil in Iran was British mining entrepreneur William Knox D’Arcy in 1908. According to geographer Richard Heede, the National Iranian Oil Company has the third-highest levels of CO2 emissions of any global company. The United States will impose new oil sanctions on Iran in late 2018, in an attempt to halt involvement in conflicts in Syria and Iraq.


     

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