Nigeria’s oil reserves have played a significant role in its growing wealth and influence. The nation joined OPEC during the oil boom of the 1970s. It continues to be a key player in the international oil industry.
Iraq has 143.1 billion barrels of proved oil reserves. It is one of the founding members of OPEC. The nation’s economy is dominated by the oil sector, which provides around 95 percent of foreign exchange earnings.
More than 40 percent of the government’s budget comes from oil and natural gas revenues. The nation earns foreign exchange reserves mostly (around 80 percent) from crude oil exports. The nation has 153 billion barrels of oil reserves.
Russia is rich in oil and natural gas. Oil, natural gas, metals and timber account for 80 percent of the nation’s exports. Oil export earnings enabled Russia to increase its foreign reserves from $12 billion in 1999 to $597.3 billion in 2008.
The biggest oil exporter in the world. Around 90 percent of Saudi Arabia’s export earnings come from the oil industry. The nation has about 260 billion barrels of oil reserves. That is around one-fifth of the world’s proven total petroleum reserves.
The contributions of the above-mentioned nations to the energy needs of world population are significant.