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OIL-PRODUCING COUNTRIES
Although the energy industry provides more than 10 million jobs with almost 8% of the country’s GDP, the US is less dependent on oil compared to average OPEC countries. However, its shale industry remains vulnerable to severe credit crunch and bankruptcies.
The volatility of the global oil market persists as two of the biggest oil-producing countries are considering further output cuts
Nigeria ranks significantly among the top 10 oil-producing countries with the highest cost of crude oil production per barrel.