Saturday, December 17, 2016

How Much Does Oil Contribute To OPEC Countries Economies?

From article, "2 Weeks After OPEC Deal, Oil Prices Continue To Rise"



(Both OPEC and non-OPEC countries stand to benefit economically from the production freeze, as much of their gross domestic products stem from the commodity. Nearly 39 percent of Saudi Arabia’s GDP, for example, came from oil as of 2014, according to the World Bank. In Iraq, that number was more than 41 percent, in Oman, 28 percent and in Kuwait, 53 percent.)

Me, "So, this shows why Saudi Arabia wanted OPEC to tighten oil supplies. Low oil prices were hurting its economy and why a lot of middle east countries are trying to move away from an oil dependent economy because sooner or later their oil will run out. Talk about an economic crisis, then." 

No comments:

Post a Comment