1. Kuwait
Total score – 54
Finally, at the top of our list of countries most reliant on oil we find Kuwait. Data from the World Economic Forum indicate the fuel exports in 2013 amounted to 94.2% of all merchandise exports, while the oil rents of 2014 were the highest – 53% of the country’s GDP. Bloomberg paints an even more oil-dependent future for Kuwait, with oil exports rising to 46.5% of GDP in 2018.
The country’s proven crude oil reserves reach 101 billion barrels, while the crude oil production sits at over 2.8 million barrels per day. The refinery capacity, however, only reaches 936,000 barrels per calendar day. Kuwait Petroleum Corporation (KPC) is one of the largest oil companies in the world. Bloomberg reports that Royal Dutch Shell Plc and BP Plc have signed agreements with Kuwait to work on oil deposits in order for the country to reach its goal of an output of 4 million barrels a day by 2020.
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That being said, these have been the 10 countries most reliant on oil.
