Publication:
Genuine savings determinants in oil producing countries: the case of OIC oil producing countries
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Date
2016
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Abstract
World demand for oil and natural gas is driven by economic growth and social development across the globe. According to the U.S Energy Information Administration (EIA, 2016), world oil consumption increased almost fourfold in the last 45 years. As at 1st quarter 2016, It reached 96mb/day (more than 35billion barrels per year) from 86mb/day in 2006. Muslim countries, which include Saudi Arabia, Iran, Iraq, Kuwait, United Arab Emirates (UAE), Qatar, Yemen, Libya, Nigeria, Algeria, Kazakhstan, Azerbaijan, Malaysia, Indonesia, Brunei, are blessed with crude oil and natural gas reserves, making a concentration of the world oil production in the Muslim world. Jointly, they possess about 60% of the world proven oil reserves (CIA, 2015) and some of them constituting the richest countries in the world. Due to the surplus exports of oil and gas, most of these countries have established sovereign wealth funds, which out of the current ninety-two (92) Sovereign Wealth Funds (SWF) with a total asset value of seven trillion dollars ($7 million), thirty-nine percent (39%) are in Muslim countries.
Keywords
Oil producing countries , OPEC , GMM , GDP , OIC , Project paper (MSc)
Citation
Akinlaso, I. M. M. (2016). Genuine savings determinants in oil producing countries: the case of OIC oil producing countries (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/2646
Publisher
INCEIF
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