Oil prices continue to waver after an 18-month slump, and
the world’s most oil-dependent nations are feeling the effects. Saudi Arabia,
home of the world’s biggest oil company Saudi Aramco, has announced that they
intend to become completely independent of oil by 2030. While this news looms
large for the industry and stands starkly as symbol of oil’s uncertain future,
Saudi Arabia, who depend on oil for nearly 90 percent of their GDP, is not even
in the Top 10 most oil-dependent nations in the world. Ranked by dependence on
exports of fuel commodities (including natural gas and coal as well as oil and
oil products) Saudi Arabia is number 11, falling behind Iraq, Libya, Venezuela,
Algeria, Brunei, Kuwait, Azerbaijan, Sudan, Qatar, and Nigeria. More…
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