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The observations in the article comparing economic development potentials are not entirely my own; parts came from an article I read in Oil and Gas I think but could not find it on the web to reference it here. I have recreated something close to a table in the article to give the reader some factual basis.

 

Country

Proven Reserves in millions of metric tons, 2003

Oil Exports million barrels per day, 2001

Oil Exports billions of dollars per year, 2001

Population in millions, 2001

GDP per capita, 2001

Income from oil per capital, 2001

Higher education ratio

Algeria

1,424.9

1.27

13.69

30.1

$1,624

$454

15%

Egypt

508.5

0.235

2.54

66.1

$1,263

$38

38%

Indonesia

613.4

0.81

8.75

228.4

$1,035

$38

15%

Libya

4,687.5

1.17

12.68

5.2

No Data

$2,438

56%

Nigeria

4,635.5

2.21

23.85

126.6

$256

$188

No Data

Venezuela

11,239.2

3.06

33.1

23.9

$3,329

$1,384

29%

Iraq

15,519.6

1.93

20.9

23.3

No Data*

$895

13%

Iran

17,951.9

2.69

29.1

67.1

$1,723

$434

20%

Kuwait

13,292.0

1.88

20.3

2.3

$11,991

$8,837

21%

Saudi Arabia

36,089.3

7.42

80.1

22.8

$7,697

$3,513

22%

Brazil

1,456.3

0.26

2.8

174.0

$4,628

$16

14%

Norway

1,350.2

3.31

35.7

4.5

$39,885

$7,933

65%

Conversion, 1 metric ton = 7.33 barrels of oil at a specific gravity of 33 API

Price per barrel of oil is assumed at $30

Source World Resources Institute -  http://earthtrends.wri.org/

* Iraq per capita GDP $4219 in 1979 down to $485 in 1993 - http://www.casi.org.uk/info/alnasrawi9905.html