Oil In This Country
Oil Production: 297.37 thousand barrels a day
Oil Consumption: 276.87 thousand barrels a day
Oil production is actually a big reason why Equatorial Guinea has any importance to other countries. In 1996 they struck oil pretty largely and their production spiked steadily from around 5 thousand barrels a day to around 368 thousand a day by 2004. In this country though, the profits that come from oil productions do not go to the benefit of the citizens. The government in this country blocks the money from going to the citizens, so the government in this country are rich and the citizens are poor. The living conditions of the citizens are poor, they live on around a dollar a day, and the government is extremely rich compared to the people. Since 2005 though, the oil production of the country has pretty steadily declined and will likely return to the amounts produced before 2003.
Is the country doing anything to find more oil? Or is there actually no more oil that can be extracted from there?
How is the government still allowed to keep the money from its citizens even when the rest of the world knows how corrupt they are?
Because of their low oil consumption, and there high oil production, how rich would the profit of oil make the country if the government did not keep the money from the people?
Oil Consumption: 276.87 thousand barrels a day
Oil production is actually a big reason why Equatorial Guinea has any importance to other countries. In 1996 they struck oil pretty largely and their production spiked steadily from around 5 thousand barrels a day to around 368 thousand a day by 2004. In this country though, the profits that come from oil productions do not go to the benefit of the citizens. The government in this country blocks the money from going to the citizens, so the government in this country are rich and the citizens are poor. The living conditions of the citizens are poor, they live on around a dollar a day, and the government is extremely rich compared to the people. Since 2005 though, the oil production of the country has pretty steadily declined and will likely return to the amounts produced before 2003.
Is the country doing anything to find more oil? Or is there actually no more oil that can be extracted from there?
How is the government still allowed to keep the money from its citizens even when the rest of the world knows how corrupt they are?
Because of their low oil consumption, and there high oil production, how rich would the profit of oil make the country if the government did not keep the money from the people?