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THE COMING MIDDLE EAST OIL CRISIS: The Collapse Of Net Oil Exports

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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https://srsroccoreport.com/middle-east-oil-time-bomb-collapse-of-net-oil-exports/

3 Comments

    • let me give you a small example. I was talkin to somebody at a sovereign wealth fund out of middle east. they used to have X number of employees before ARAB SPRING . since its a govt owned institution it has added 40% more employees on its roll and it is happening across the country. infact there is no space to for those employees to sit and you have 3 people on one computer. This is leading to more pressure on govt finances and more money is given as handout ( disguised umeployment).

  1. Hear you chief.
    Even I have not understood how Saudi could not manage its finances with 3.6+ bn bbl of oil produced at US$70 (Brent) and COP of <US$10.
    I was making a diff point. Saudi has made large investments in refinery/ chemicals biz for many years. These value-added businesses consume Crude and produce VAP (value added products – SABIC 500mn bbl) that are exported. You cant just look at crude exports – you need to look at the entire energy complex. And if you need more proof, this will blow your top off…
    https://www.eia.gov/todayinenergy/detail.php?id=18111
    And this is just Saudi – UAE has created a large tourism industry, which also has its own energy intensity.

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