2. Libya
Total score – 51
On the second spot on our list of countries most reliant on oil, we have Libya, a country whose fuel exports in 2010 amounted to 97.7% of the total merchandise exports and whose oil rents reached 33.3% of the country’s GDP in 2014. There are also estimates from Bloomberg that indicate Libya’s oil exports in 2018 will reach 43.8% of the GDP.
OPEC data shows Libya has proven crude oil reserves of over 48 billion barrels. Its crude oil production reaches 403,000 barrels per day, while the refinery capacity reaches 380,000 barrels per day, making for a rather balanced operation.
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