oil wealth

Oil wealth refers to the economic benefits a country gains from the extraction and sale of oil. When a nation has significant oil resources, it can generate substantial income through exports and taxes, which can fund public services, infrastructure, and development projects. However, managing this wealth requires careful planning; overreliance on oil revenues can lead to economic volatility and inequality. Effective governance is crucial to ensure that oil income benefits all citizens, promotes sustainable growth, and avoids “resource dependence” pitfalls. Ultimately, oil wealth can boost a country's economy when managed responsibly and transparently.