4. Saudi Arabia
Total score – 42
Up next on our list of countries most reliant on oil we have Saudi Arabia, one of the best known members in our list. According to the World Economic Forum, in 2013, fuel exports amounted to 87.4% of the total merchandise exports in this nation. The World Bank also noted that in 2014 oil rents were 38.7% of the country’s GDP. Oil is only going to be more important for the country, especially since Bloomberg estimates that in 2018 oil exports will be 32% of the GDP.
Member of OPEC, Saudi Arabia’s crude oil production sits at over 10 million barrels per day, while the refinery capacity is at nearly 3 million barrels per calendar day. Saudi Aramco is one of the largest companies in the world
Copyright: 3dsculptor / 123RF Stock Photo
