sectoral economic costs and benefits of ghg mitigation - IPCC

Fossil Fuels
Table 6
Oil Exporting County Revenues
Economic Rents from Oil
Country
(Ranked by Oil Exports as Gross 2
Share from Share from
Share of % of GDP) 1 (10 6 % of GNP 3 export to export to non-
1998 $)
OECD OECD
1. Oman 5406 40.4 % 47.8 % 52.2 %
2. Qatar 3053 33.0 % 96.2 % 3.8 %
3. Saudi Arabia 42857 32.0 % 81.2 % 18.8 %
4. U. A. E. 13479 29.9 % 87.4 % 12.6 %
5. Angola 2495 29.3 % 74.5 % 25.5 %
6. Kuwait 7626 25.2 % 82.2 % 17.8 %
7. Iraq 4071 13.8 % 71.5 % 28.5 %
8. Venezuela 10959 12.1 % 87.4 % 12.6 %
9. Nigeria 7600 11.6 % 83.2 % 16.8 %
10. Libya 4258 9.2 % 96.2 % 3.8 %
1
The ranking is based only on top twenty oil exporting countries by volume.
2 Calculated as the difference between production costs and spot market prices multiplied by quantity of exports
3
Calculated using column 1 and Based on World Bank 1997 GNP data.
Sources : Oil Exports and prices are from IEA databases, GDP nominal are from the CEPII, and production costs use
Table 5 results.
Figure 1
60
Crude Oil Prices
US$/bbl
50
40
30
20
10
0
1970 80 90 1998
Nominal Prices Real prices
It may also be noted that the differences in production costs could drive redistribution in supply.
If the price per barrel descends below production cost thresholds, regions with higher production
costs are likely to be shut-in – leaving their consumers to satisfy their demand from lower cost
regions. However, with oil prices expected to remain at or above the $20 barrel range, this
scenario does not appear likely.
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