Countries where fuel accounts for more than 90% of total exports include Algeria, Azerbaijan, Brunei Darussalam, Iraq, Kuwait, Libya, Sudan and Venezuela. Image: Bruegel For an idea of which economies rely most heavily on oil, this chart using 2012 World Bank data shows oil revenue as a share of GDP. Declining oil prices caused a 3.1% contraction in GDP in 2016, and a 0.8% decline in 2017, highlighted by a sharp reduction in the construction sector. The economic decline was accompanied by higher inflation, a weakened banking sector, and two sharp currency devaluations in 2015. Azerbaijan’s financial sector continued to struggle.