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Population GDP (billion) Kuwait 2,788,534 172.4 Qatar 2,194,817 210 UAE 5,779,760 401.6 Bahrain 1,346,613 33.86 Iraq 37,056,169 221.1 Iran 81,824,270 404.1 Saudi Arabia 27,752,316 752.5 Oman 3,286,936 77.76 Total 162,029,415 2,273.32 Population GDP (trillion) USA 321,368,864 17.42 Japan 126,919,659 4.616 Germany 80,854,408 3.86 France 66,553,766 2.847 UK 64,088,222 2.945 Italy 61,855,120 2.148 Canada 35,099,836 1.789 Total 756,739,875 35.625 Source: CIA
Calculations
The GDP per capita for the eight OPEC countries in Middle East is 14030.2 and that of G7 is 47076.9. From these two figures, it is clear that the GDP per capita for the G7 is higher than that of the eight OPEC countries. If anything, the per capita for the G7 is 3.355 times the per capita for the eight states. If the misconception surrounding the oil issue in Middle East is true, then the GDP per capita for the OPEC members would be higher than the GDP per capita for the G7. The assumption is that OPEC members would be making more money than G7, but the reality is far from the truth because the case demonstrates the opposite.
Generally, the misconception has always been that the OPEC members benefit from the oil deposits than anybody else. However, based on the above calculations, it is evident that other countries that do not produce oil benefit more than the OPEC members do. Accordingly, I have learned that the assumption that the OPEC members benefit more than anybody else from the oil deposit is a mere misconception. Instead, the non-OPEC countries benefit more than OPEC members from the tax they levy their citizens. This demonstrates that the perception about the oil deposits in Middle East is far from the truth.
Works cited
Central Intelligence Agency [CIA]. The world fact book.
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