The world is gradually moving towards a future less dependent on fossil fuels like oil. But at present, many world economies are very dependent on the raw material. (These are the countries most dependent on Russian oil.)
To determine the 25 countries most dependent on oil trade, 24/7 Wall St. examined oil import and export data from the Observatory of Economic Complexity, an online data visualization and distribution platform. line. Countries have been ranked by the total value of oil imports and exports in 2020 as a percentage of their gross domestic product.
For countries with millions of barrels of proven reserves like the Republic of Congo and Kuwait, soaring oil prices over the past year have swelled their coffers. Apart from Kuwait, the other countries in the Arabian Peninsula such as Oman, the United Arab Emirates and Qatar all depend on oil to bolster their respective economies.
Countries like Malta, Singapore and the Netherlands may lack proven oil reserves, but they have become crucial shipping and trading and refining hubs, and the fees associated with oil trading are a lucrative business for those countries.
On the other side of the equation are Caribbean island nations such as Antigua, Barbados, Trinidad and Tobago, Saint Lucia and the Bahamas, and Pacific islands including Tuvalu, Nauru and the Marshall. They all have little or no proven oil reserves and do not export oil. They are completely dependent on imported oil – as a source of energy and to fuel their economies. (It is the most import-dependent economy in the world.)
Click here to see the countries most dependent on oil trade
Click here to see our methodology