SRSROCCO writes in their blog…”So, after the Middle East spent hundreds of billions on capital expenditures to increase its oil production by nearly 8 mbd, its citizens consumed more than half of that amount. Thus, the increase in Middle East net oil exports since 2000 was only 3.7 mbd.“
Now, if we look over a more extended period, the results are even worse. According to the data in BP’s 2018 Statistical Review, Middle East oil consumption surged to 9.3 mbd in 2017 from 1.3 mbd in 1975:
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