Beyond Petrostates: The burning need to cut oil dependence in the energy transition

Fossil fuel-reliant countries – petrostates – could see a drop of 51% in government revenues in a shift low carbon world over the next two decades. In this report, we focus on the 40 countries with the greatest fiscal dependence on oil and gas revenues – the petrostates. These are the most oil and gas-reliant countries (as a % of GDP) and are predominantly in the Middle East, North and West Africa and South America.