The world is gradually moving toward a future that is less reliant on fossil fuels such as oil. But in the present, many of the world economies are quite dependent on the commodity. (These are countries most dependent on Russian oil.)
To determine the 25 countries most dependent on the oil trade, 24/7 Wall St. reviewed data on oil imports and exports from the the Observatory of Economic Complexity, an online data visualization and distribution platform. Countries were ranked based on the total value of oil imports and exports in 2020 as a percentage of their gross domestic product.
For nations with millions of barrels of proven reserves such as the Republic of Congo and Kuwait, the soaring price of oil over the past year has boosted their coffers. Besides Kuwait, the other nations on the Arabian Peninsula such as Oman, United Arab Emirates, and Qatar all rely on oil to bolster their respective economies.
Nations such as Malta, Singapore, and the Netherlands may lack proven oil reserves of their own, but they have become crucial shipping centers and trading and refining hubs, and the fees associated with the oil trade are a lucrative business for these countries.
On the other side of the equation are island nations in the Caribbean such as Antigua, Barbados, Trinidad and Tobago, St. Lucia, and the Bahamas, and islands in the Pacific, including Tuvalu, Nauru, and the Marshall Islands. They all have little or no proven oil reserves and export no oil. They are completely dependent on the importation of oil – as a source of energy and to fuel their economies. (This is the most import dependent economy in the world.)