{"id":9645,"date":"2018-07-24T22:00:02","date_gmt":"2018-07-25T02:00:02","guid":{"rendered":"https:\/\/www.mapsofworld.com\/answers\/?p=9645"},"modified":"2021-03-17T07:32:27","modified_gmt":"2021-03-17T11:32:27","slug":"countries-oil-based-economies","status":"publish","type":"post","link":"https:\/\/www.mapsofworld.com\/answers\/economics\/countries-oil-based-economies\/","title":{"rendered":"What are the countries with oil-based economies?"},"content":{"rendered":"\n\n
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\"Infographic<\/a><\/p>\n

Oil is one of the most important (perhaps even the most vital) source of energy in the world today. The growth and development of many countries across the globe is fueled by oil. The industrial development of many nations depends on the oil that is produced or imported. While there are concentrated attempts to move to cleaner, greener, and more renewable energy sources, the supremacy of oil remains supreme. Oil exports from the very foundation of the economies of many nations. Before we get to them, however, let us take a look at the top oil exporting nations.<\/p>\n

As of January 2018, Saudi Arabia remained the world\u2019s largest oil exporter, with exports amounting to 9.3 million barrels a day. The United States came in second with 8.3 million barrels a day and was followed by Russia which exports about 7.4 million barrels a day. According to studies, it is likely that by 2019, the US will have overtaken Saudi Arabia as the top oil exporter in the world.<\/p>\n

Top Oil Producing Countries of the World<\/strong><\/p>\n

Going by 2017 production figures, the\u00a0US<\/strong>\u00a0tops the list of oil producing countries. The country produced 14.72 million barrels each day. This was followed by\u00a0Russia<\/strong>\u00a0which produced 11.33 million barrels per day. Then comes\u00a0Saudi Arabia<\/strong>\u00a0with 9.96 million barrels a day. This was followed by Canada which produced 4.8 million barrels a day and Iraq with 4.47 million barrels a day. The remaining countries that featured on the top oil producing nations list were Iran (3.8 million barrels a day), China (3.77 million barrels a day), UAE (2.93 million barrels a day), Brazil (2.89 million barrels a day), Kuwait (2.71 million barrels a day), Venezuela (1.97 million barrels a day), and Norway (1.90 million barrels a day).
\nOil-based Economies<\/strong><\/p>\n

When we speak of economies dependent on oil, we are not referring to oil production or even exports. The US, for example, is one of the top oil producers, but the economy is not oil-based. By oil-based economy, we are referring to national economies in which the major revenue comes from oil exports. This could also mean that a great share of the national GDP depends on oil. To understand which countries are most dependent on oil for economic growth we refer to World Bank data from the year 2012. According to this data the top oil dependent economies are \u2013<\/p>\n

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