Recent Country Briefs

Angola

Friday, June 7, 2019 - Angola is the second-largest oil producer in Africa, following Nigeria. Angola's economy depends heavily on hydrocarbon production, making its economy vulnerable to crude oil price swings. According to the African Development Bank (AfDB), the crude oil and natural gas sector accounted for about 30% of the country's gross domestic product (GDP), 95% of total exports, and about 52% of total fiscal revenue in 2017.

Brazil

Thursday, April 18, 2019 -In 2017, Brazil was the eighth-largest energy consumer in the world and the third-largest energy consumer in the Americas, behind the United States and Canada. Discoveries of large, offshore, pre-salt oil deposits have transformed Brazil into a major world producer of petroleum and other liquids.

Algeria

Monday, March 25, 2019 - Algeria relies heavily on revenue generated from the hydrocarbon sector, comprising approximately one-third of total government revenue in 2016, according to the latest estimates from the IMF. The Algerian government's dependence on crude oil for economic growth increases its vulnerability to crude oil price volatility.

Azerbaijan

Monday, January 7, 2019 - Azerbaijan is a net energy exporter; crude oil and natural gas production and exports are central to its economy and government revenues. Natural gas accounts for about two-thirds of Azerbaijan's total domestic energy consumption. Oil supplies less than one-third of total energy consumption.

Colombia

Monday, January 7, 2019 - In 2017, Colombia was South America's largest coal producer and the region's third-largest oil producer after Venezuela and Brazil. The country is also a significant oil exporter, ranking as the sixth-largest crude oil exporter to the United States in 2017. At 39%, oil accounted for the largest share of Colombia's total energy consumed in 2017.

Egypt

Monday, January 7, 2019 - Egypt is the largest oil producer in Africa outside of the Organization of the Petroleum Exporting Countries and the third-largest natural gas producer on the continent following Algeria and Nigeria. Egypt plays a vital role in international energy markets through its operation of the Suez Canal and the Suez-Mediterranean Pipeline.

Iran

Monday, January 7, 2019 - Iran holds some of the world's largest deposits of proved oil and natural gas reserves, ranking as the world's fourth-largest and second-largest reserve holder of oil and natural gas, respectively. Iran also ranks among the world's top 10 oil producers and top 5 natural gas producers.

Iraq

Monday, January 7, 2019 - Iraq is the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, and it holds the world's fifth-largest proved crude oil reserves. Most of Iraq's major known fields - all of which are located onshore - are producing or are in development.

Kazakhstan

Monday, January 7, 2019 - Kazakhstan's estimated total petroleum and other liquids production was 1.77 million barrels per day in 2017. Kazakhstan consumed 2.59 quadrillion British thermal units (Btu) of energy in 2015, and coal accounted for the largest share of energy consumed (54%), followed by petroleum and natural gas (20% and 19%, respectively).

Norway

Monday, January 7, 2019 - Norway was the third-largest exporter of natural gas in the world after Russia and Qatar in 2017. In 2017, the petroleum and natural gas sector accounted for more than 40% of Norway's export revenues and more than 15% of the country's gross domestic product (GDP).

Oman

Monday, January 7, 2019 - Oman is the largest oil and natural gas producer in the Middle East that is not a member of OPEC. Like many countries in the Middle East, Oman is highly dependent on its hydrocarbon sector. With the increase in international oil prices, the hydrocarbon sector accounted for 30% of Oman's nominal GDP in 2017, an increase from 27% in 2016, according to the Central Bank of Oman.

Venezuela

Monday, January 7, 2019 - Reduced capital expenditures by state-owned oil and natural gas company Petróleos de Venezuela, S.A. are resulting in foreign partners continuing to cut activities in the oil sector, making crude oil production losses increasingly widespread. With Venezuela's heavy dependency on the oil industry, the country's economy will likely continue to shrink, and that the runaway inflation will remain the mainstay at least in the short term.