G7 Nations Accumulate $19.19 trln, 32% more than 13-OPEC Countries’ $14.53 trln Revenues

Industrialized Countries club of the G7 benefited from oil, during the previous 37 years, more than the 13 countries of OPEC member states. While the number of OPEC countries is 13, the countries of the industrial group are only seven nations.

Overall value of taxes collected by the Seven industrialized countries G7, during the past four decades, specifically from 1984 to 2020, amounted to about $19.19 trillion dollars, while the revenues of the OPEC countries amounted to $14.53 trillion, meaning that the G7 countries benefited more than the OPEC countries, in terms of revenues accumulated, by about 32.1%, Maaal, the leading Saudi online business daily’s investigation revealed, based on OPEC provided data,

Each of the seven industrialized countries received an average of $2.74 trillion, in oil taxes, compared to $1.12 trillion for each OPEC country..

G7 of industrialized countries is an exclusive club consisted of the United States, Canada, Japan, France, Germany, Italy and the United Kingdom, while the OPEC countries include 13 countries, namely: Saudi Arabia, Iraq, Kuwait, UAE, Nigeria, Angola, Algeria, Venezuela, Iran, Libya, Gabon, Congo, and Guinea.

The seven industrial countries exclusive club, impose taxes on every barrel of oil imported, whether through the private or sector, and those taxes vary each year, according to the price of a barrel of oil, but the highest tax imposed by the G7 was in 2014, when it amounted to $119.3 per barrel, equivalent to about 1.21 times of the average price of a barrel of oil during the same year, while the lowest tax was during 1984, reaching $23, equivalent to about 0.8 times the average price of a barrel of oil, during the same year.

During the recently held G20 summit, in Rome, the Saudi Minister of Finance told world media outlets that: “The major industrialized countries have been responsible for climate pollution for decades, and they bear alone the responsibility, adding: Developing countries will help to believe that climate change is a collective problem for the planet, but the rich countries must finance this transformation.”

On distributing the average tax rate for G7 each country, it becomes clear that the four European countries, namely Britain, Italy, France and Germany are the highest, in terms of the average tax rate, during the 37 years.

Britain is the highest, with an average tax of $122.4 per barrel, followed by Italy’s $117.9 per barrel, France’s $102.9 and Germany’s $101.3 per barrel.

Then Japan, at $50.8 per barrel, Canada at $34.5 per barrel, and, finally, the  USA, at $17 per barrel, in this respect.

On the other hand, the G7 nations’ revenues have reached a total of $505.1 billion, which is one and half fold of the whole 13-OPEC member states, at only $321.1 billion.

It is noteworthy that the oil prices have slumped to their lowest levels, at $19.3 per barrel, in April, 2020 while the  average OPEC basket price stood at $43.8, at the time, Maaal, the leading Saudi online business daily’s investigations revealed..