Oil prices recently topped $100 a barrel for the first time in over a decade as Russia’s war on Ukraine triggered sanctions and supply disruptions. This has helped fuel inflation around the world as gas prices have soared. And some nations that rely on oil from Russia, mostly in Europe, face the possibility they will not have enough oil for industries or to heat their homes. The country that is most dependent on Russian oil is Kyrgyzstan.
Oil prices, like all commodities, largely move up or down based on supply and demand. The recent rise in oil prices has started to back off, both because of oil released from the strategic reserves of some countries and a drop in demand in China because of COVID-19 lockdowns.
The “haves” and “have nots” of the global oil sector are based to a large extent on those nations that produce their own crude and those that cannot. (These are 15 countries that control the world’s oil.)
To determine the country that is most dependent on Russian oil, 24/7 Wall St. reviewed data on oil imports from the Observatory of Economic Complexity and on oil production from the U.S. Energy Information Administration. Countries were ranked based on the total value of imports of crude and refined oil from Russia as a percentage of all crude and refined oil imports and domestic oil production in 2020.
Some of the nations that rely on Russian energy sources lack resources of their own. If they do possess resources, they depend on Russia to help develop and process them. (These are the countries that don’t have any oil.)
Nations that have been the most critical of the Russian invasion of Ukraine and that have energy agreements with Russia have spoken about ending their energy accords with Russia. Germany, Europe’s biggest economy, plans to halt almost all Russian oil imports this year and end gas imports from Russia by the middle of 2024, according to a recent announcement.
Other nations such as Turkey are looking to boost oil imports from other countries such as Iran and Iraq. Polish Prime Minister Mateusz Morawiecki said in late March that his country wants to stop using Russian oil by the end of this year. He said shifting to renewable energies would help Poland become independent from Russian energy.
The nation that relies the most on Russian oil is Kyrgyzstan, with Russian oil imports accounting for 83.5% of the country’s oil imports and domestic production. The mountainous, landlocked central Asian country abstained from the U.N. vote to condemn the Russian invasion of Ukraine. According to the Foreign Policy Research Institute, there are about 650,000 Kyrgyz laborers in Russia.
Polish Prime Minister Mateusz Morawiecki said in late March that his country wants to stop using Russian oil by the end of this year. He said shifting to renewable energies would help Poland become independent from Russian energy.
Click here to see the countries most dependent on Russian oil
Click here to read our detailed methodology
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