15 countries that depend on oil exports

Next week, Saudi Oil Minister Ali al-Naimi for the first time will face the victims of his decision not to reduce oil production despite the global glut. US shale oil producers are struggling to survive the worst price collapse for years. The idea of reducing output and losing a good market share to the newbie in the industry – US shale oil producers has a strong aversion to the traditional oil producers around the world.

Oil price today is as cheap as it has not been in the last 12 years. And this is more than bad news for countries whose economies depend mainly on the export of black gold.

Meanwhile have you ever thought about which countries rely most on oil exports?

An analysis of Bloomberg estimated which countries in 2018 will depend most of its oil reserves. Absolute leader in this ranking is Brunei, with oil exports projected to make up over 60 percent of GDP. This is going to be 15 % more than the second most reliant country, Kuwait and Libya, whose economies rely on almost 50 % of oil exports.

This chart shows estimated oil exports as a % of GDP in 2018.