Both Canada and the US have a solid middle class and residents enjoy quite a bit of freedom. Norway is also near the top of the list, and have made oil into a huge boon for the citizenry.
The biggest thing is countries need to either have a diverse economy or they need to use the oil wealth to build such an economy. Many of the countries on that list have not and they are in for a bad time when the oil runs dry or others simply produce enough that they no longer matter. Venezuela should be higher on that list, but they really screwed themselves. (Countries like China, despite producing a fair bit of oil, actually import a shitload via sea routes they have no ability to protect. It’s actually a huge vulnerability for them if they find themselves on the wrong side of a blockade.)
But, back to the point, it isn’t so much that oil makes your country shit. It’s just that oil happens to exist heavily in a region filled with shit countries (and don’t be mistaken, their are many shit countries in the world). The Middle East has been a disaster area for a long, long, long time.
Both Canada and the US have a solid middle class and residents enjoy quite a bit of freedom. Norway is also near the top of the list, and have made oil into a huge boon for the citizenry.
I agree on those points, and you’re supporting mine. Of the top 10, only 3 are generally desirable. OP was wanting oil in their country. I’m pointing out that there’s less than a 30% chance that it would turn out well for their country. I also didn’t directly point out that even if it turns out well for their country, there’s nothing saying it would turn out well for OP. There are still those in poverty in those 3 desirable countries.
DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices.
However, lower results also squeeze the kingdom as it embarks on a massive development project under its assertive crown prince to wean itself off oil revenues.
“Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds,” said Aramco CEO Amin H. Nasser in a statement.
Saudi Arabia, a leader in the OPEC cartel, has allied with Russia and others outside of the group to try to keep production down to boost global oil prices.
Saudi Arabia’s vast oil resources, located close to the surface of its desert expanse, make it one of the world’s least expensive places to produce crude.
The vast majority of the company remains held by the Al Saud royal family, with a sliver traded on the Tadawul stock market.
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