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Countries most dependent on oil

  • #10. United Arab Emirates

    Oil revenue as % of GDP (2016): 14.55%

    Fuel exports as % of merchandise exports (2017): 20.23%

    The United Arab Emirates (UAE) began exporting oil in 1962, becoming one of the Middle East’s most important economic hubs. A recent report from the International Energy Agency suggests that oil demands will wane in the 2020s, and countries like the UAE should begin to diversify their economies.


     

  • #9. Equatorial Guinea

    Oil revenue as % of GDP (2016): 14.85%

    Fuel exports as % of merchandise exports: Not reported since 1983

    Oil production in Equatorial Guinea began relatively recently, as its large oil reserves were first discovered in 1996. The government is looking to increase investments in oil in 2019. Gabriel Mbaga Obiang Lima, the country's Minister of Mines and Hydrocarbons, said he wants international oil companies to invest at least $2 billion in Equatorial Guinea’s hydrocarbons industry.


     

  • #8. Qatar

    Oil revenue as % of GDP (2016): 16.32%

    Fuel exports as % of merchandise exports (2017): 81.55%

    Qatar is the smallest OPEC member in both area and population. Energy Minister Mohammed al-Sada has recently called for the global increase of oil output as prices are rising, saying that Qatar will boost its own production to be on-par with other major oil-producing countries.

  • #7. Azerbaijan

    Oil revenue as % of GDP (2016): 17.46%

    Fuel exports as % of merchandise exports (2017): 87.51%

    Azerbaijan was one of the first oil-producing countries in the world—Marco Polo wrote about the burning oil fires he saw there in the 13th century. As Azerbaijan has only about 30 years of oil dependency left, the government is looking for ways to diversify its economy.

  • #6. Republic of the Congo

    Oil revenue as % of GDP (2016): 19.42%

    Fuel exports as % of merchandise exports (2014): 61.868%

    Oil production began in the Republic of the Congo in the 1970s and is still expanding. President Denis Nguesso increased output to 350,000 barrels a day in 2018, a 25% growth over 2017. This is in contrast to some other African countries, which are decreasing production.

  • #5. Timor-Leste

    Oil revenue as % of GDP (2016): 19.99%

    Fuel exports as % of merchandise exports: Never reported

    After oil was discovered in the Timor Sea in the 1970s, Timor-Leste and neighboring Australia began disputes over which would be entitled to these resources. The two countries finally signed a maritime agreement in March 2018. Negotiations on how to develop the untapped Greater Sunrise basin, which could contain $53 billions of gas reserves, are still ongoing.

  • #4. Oman

    Oil revenue as % of GDP (2016): 24.65%

    Fuel exports as % of merchandise exports (2017): 62.53%

    Oman began exporting oil in 1967, and oil currently makes up 75% of the government’s revenue. Oman is not part of OPEC, making it the largest oil producer in the Middle East not to be a member.

  • #3. Saudi Arabia

    Oil revenue as % of GDP (2016): 26.44%

    Fuel exports as % of merchandise exports (2017): 79.14%

    Oil was first found in the Arabian desert in 1938. Deputy Crown Prince Mohammed bin Salman is hoping to move the Saudi economy away from oil by 2030. The government has even considered selling off part of Saudi Aramco, the kingdom’s national oil company.

  • #2. Iraq

    Oil revenue as % of GDP (2016): 42.41%

    Fuel exports as % of merchandise exports (2017): 99.99%

    The earliest search for oil in the modern area of Iraq began under the Ottoman Empire in the 20th century. The United Nations estimates that 99% of Iraq’s revenue comes from oil. With an estimated 50 to 200 billion barrels of oil still undiscovered, Iraq has the largest untapped market in the world.

  • #1. Kuwait

    Oil revenue as % of GDP (2016): 44.03%

    Fuel exports as % of merchandise exports (2017): 89.69%

    Petroleum is Kuwait’s largest industry, making up almost half of its gross domestic product. The Kuwait Petroleum Company, a government-owned oil company, produces about 2.7 million barrels of oil a day. Kuwait was one of the five founding countries of the OPEC, and remains a member today.


     

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