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Which of the following countries is an oil rich country Qatar Afghanistan Bahrain Israel?

Answer Expert Verified. Qatar and Bahrain are the countries among the following countries that are considered as oil rich country. The correct options among all the options that are given in the question are the first option and the third option.

Which of the following countries is an oil rich country?


Proven reserves (millions of barrels) U.S. EIA (start of 2020) BP (end of 2015)
Country Rank Reserves
Venezuela (see: Oil reserves in Venezuela) 1 300,900
Saudi Arabia (see: Oil reserves in Saudi Arabia) 2 266,000
Canada (see: Oil reserves in Canada) 3 172,200

Will oil price go up in 2020?

Brent prices averaged above $40/b by June 2020, increasing to $50/b by the end of 2020. Prices increased to $62/b in February 2021 due to rising oil demands as COVID-19 vaccination rates have increased and economic activity has picked up. The extreme weather in February also pushed up oil prices.

Is price of oil going up or down?

In its March Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects Brent crude oil prices will average $64 per barrel (b) in the second quarter of 2021 and then fall to less than $60/b through the end of 2022.

How much is WTI oil today?

Oil Price Charts

Futures & Indexes Last Last Updated
WTI Crude 61.45 (-83335 seconds delay)
Brent Crude 62.15 (-79135 seconds delay)
Natural Gas 2.515 (-83270 seconds delay)
Heating Oil 1.782 (-82497 seconds delay)

Why are low oil prices bad for the economy?

Lower oil prices mean less drilling and exploration activity because most of the new oil driving the economic activity is unconventional and has a higher cost per barrel than a conventional source of oil. Between the job losses and the capital losses, a dip in oil prices can trim the growth of the U.S. economy.

How does crude oil prices affect Indian economy?

As per a Reserve Bank of India (RBI) report, every $10/barrel increase in crude prices leads to an additional $12.5 billion deficit, which is roughly 43 bps of India’s GDP. Hence, when crude prices hit $85/barrel, the deficit on account of oil balloons to $106.4 billion, which is 3.61 percent of India’s GDP.