Sometimes geopolitics can be boiled down to two very simple questions about oil; who’s got it and how much they have?
To say that oil wealth is the sole driving factor behind global politics and strategic priorities would be a gross oversimplification of the role of government, but at the end of the day it’s a major piece of the pie.
After all, what developed country could survive today without a steady supply of oil? Everything from shipping routes to pipelines can be treated as matters of national security when the energy security of a major nation hangs in the balance. As a result, it is no secret that oil producing countries rake in enormous profits from selling what is known as liquid gold. Here is a list of the 9 largest oil producing Muslim countries in the world.
#9.Qatar – 25.00 billion barrels
Qatar’s proven oil reserves are the ninth-largest in the world, exceeding 25 billion barrels (2.5% of the OPEC total). Qatar is a member of the OPEC and is a significant oil producer. Qatar is now the world’s largest producer of liquefied natural gas (LNG).
#8. Nigeria – 37.00 billion barrels
Nigeria holds the eight largest oil reserves in the world at 37 billion barrels. According to current estimates, more than three-quarters of the world’s proven oil reserves are located in OPEC member countries and Nigeria amounting to 3.6% of the OPEC total. Nigeria is also the fifth-largest exporter of oil to the U.S. The United States is the largest foreign investor in Nigeria. Its natural gas reserves are well over 100 trillion cubic feet.
#7. Libya – 48 billion barrels
This North African country has been struggling to ramp up production at its oil facilities following the 2011 overthrow of its long-time ruler Muammar Gaddafi. After the revolution, they have suffered numerous losses in oil production and management as the country is grappled with protests and violence which has led to the shutdown of its biggest production and export facilities.
#6. United Arab Emirates (UAE) – 97.80 billion barrels
Ever since the 1990s, The UAE has served as a major place for oil business interests, especially due to the rapid developmental pace at which Dubai is at. It relies basically on its oil and gas industry which play an essential role its development. It was also the initial country in The Middle East to export liquefied gas.
#5. Kuwait – 104.00 billion barrels
As the 5th largest oil producing Muslim country, Kuwait at about 2.8 billion barrels of oil per day, Kuwait’s petroleum exports make up most their gross domestic product, which is absolutely essential in boosting their economic development.
#4. Iraq – 115.00 billion barrels
Iraq holds the world’s fourth largest oil reserves having 115 billion barrels of the black gold. Iraq’s energy sector is heavily based upon oil production with approximately 94 percent of its energy needs met with petroleum. According to the IMF, crude oil export revenues represented over 75% of GDP and 86% of government revenue in 2008.
#3. Iran 138.00 billion barrels
Today, Iran’s economy is struggling as a result of over dependence on its oil sector (which provides over 85% of government revenues). Its total oil reserves are estimated of 138 billion barrels. Iran is a member of OPEC and ranks among the world’s top three holders of proven oil reserves.
#2. Oman 140.30 billion barrels
Oman is the third richest Muslim country in the world, with per capita of a staggering 28,800 dollars in 2011. Oman has up to 5.5 billion barrels worth of proved reserves. In 2010, it was estimated that about 816, barrels per day were produced.
#1. Saudi Arabia – 268.35 billion
Regardless of various rumors about the U.S. taking over Saudi to become the largest producer of crude oil in the world- Saudi Arabia still holds the title as the Muslim world’s largest oil producer.