Special Report

Countries Most Dependent on Oil Trade

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20. Trinidad and Tobago
> Value of oil trade: 10.8% of GDP
> Oil exports, 2020: $3.1 billion
> Oil imports, 2020: $668.6 million
> GDP, 2020: $35.0 billion
> Total population: 1.4 million

Oi industry publication Industrial Info said there are 34 oil and gas production projects worth $1 billion in progress in Trinidad and Tobago in 2022. These are drilling and infrastructure ventures, along with investments in onshore projects. The country’s leading export is petroleum gas, and its main import is refined petroleum.

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19. Seychelles
> Value of oil trade: 11.8% of GDP
> Oil exports, 2020: $118.5 million
> Oil imports, 2020: $181.5 million
> GDP, 2020: $2.5 billion
> Total population: 98,462

Oil companies from Japan and Australia have eyed exploration of offshore oil fields off the Seychelles Islands in recent years. These areas are about 40 miles east and west of Mahe, the main island of the archipelago in the Indian Ocean. Hydrocarbon exploration has been conducted in the Seychelles since the early 1970s. Refined petroleum is its second-leading import.

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18. United Arab Emirates
> Value of oil trade: 12.4% of GDP
> Oil exports, 2020: $69.9 billion
> Oil imports, 2020: $12.1 billion
> GDP, 2020: $660.4 billion
> Total population: 9.9 million

The United Arab Emirates is estimated to possess the seventh-largest amount of proven oil and natural gas reserves. The UAE produces an average of 3 million barrels of petroleum and liquids per day with oil reserves of 100 billion barrels. Oil industry profits and royalties provide most of the nation’s government revenue. The top export is crude petroleum.

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17. Antigua and Barbuda
> Value of oil trade: 12.4% of GDP
> Oil exports, 2020: $20.1 million
> Oil imports, 2020: $201.9 million
> GDP, 2020: $1.8 billion
> Total population: 97,928

Antigua and Barbuda has no sources of oil or natural gas. The Caribbean country is largely dependent on imported oil to produce electricity. It imports about 4,500 barrels of oil per day. The top import in Antigua and Barbuda is refined petroleum.

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16. Norway
> Value of oil trade: 13.3% of GDP
> Oil exports, 2020: $41.3 billion
> Oil imports, 2020: $3.6 billion
> GDP, 2020: $337.0 billion
> Total population: 5.4 million

Norwegian offshore oil was first discovered in 1969 and now accounts for between 40% to 70% of exports. Equinor, Norway’s major oil company, more than doubled its revenues in the third quarter of 2021 compared with the same period in 2020 because of slower demand early on in the pandemic. Equinor, which is two-thirds state owned, also announced in November that it discovered a new find north of the Tyrihans field off the coast of Norway. It is thought to hold 62 billion barrels of crude. The top exports of Norway are crude petroleum and petroleum gas.

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