In 2024, oil rents as a percentage of GDP are particularly high in Iraq, Kuwait, and Libya, indicating a strong dependence on oil revenues in their economies. Overall, most countries experienced decreases in oil rents from 2022 to 2023, with notable declines in Turkmenistan, Iran, and Nigeria due to geopolitical tensions, economic diversification efforts, and fluctuating global oil prices. Conversely, a few countries like Canada and the United States showed minor increases, highlighting shifts in production and market dynamics in North America.
Future trends to watch include the impact of global energy transition policies, technological advancements in energy, and geopolitical developments on oil demand and revenues. Countries with high oil rents might need to diversify their economies to mitigate risks associated with fluctuating oil markets.
Top countries in Oil Rents by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Iraq | 41.19 | 2023 | +7.02% | -2.09% | View data |
| 2 | 2 Kuwait | 39.5 | 2023 | +6.08% | -2.16% | View data |
| 3 | 3 Libya | 32.42 | 2023 | +16.74% | +1.54% | View data |
| 4 | 4 Republic of the Congo | 31.8 | 2023 | +9.76% | -2.98% | View data |
| 5 | 5 Angola | 27.96 | 2023 | +7.47% | -1.87% | View data |
| 6 | 6 Saudi Arabia | 24.96 | 2023 | +7.37% | -2.33% | View data |
| 7 | 7 Oman | 21.77 | 2023 | +6.52% | -1.69% | View data |
| 8 | 8 Iran | 21.09 | 2023 | +7.27% | -5.28% | View data |
| 9 | 9 Azerbaijan | 20.46 | 2023 | +10.03% | -3.28% | View data |
| 10 | 10 Equatorial Guinea | 19.25 | 2023 | +10.6% | -1.08% | View data |
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