Placeholder Image

字幕表 動画を再生する

  • Most of us might look at a map of the Middle East and think lots of oil.

  • After all, almost a third of the world's crude supply comes from this region.

  • Over the past year though, Saudi led strategy by OPEC to push up production

  • and grab back market share from US shell oil producers, has had a dramatic effect on oil prices.

  • Brent has fallen to nearly $30 a barrel this week.

  • Lower commodity imports should have some positive effects on the world economy,

  • particularly upon the largest developed economies.

  • Cheaper petrol appears to have spurred gasoline demand in the US,

  • the world's largest consumer, on average up nearly 4 percent last year.

  • Now the bad news is, what rising OPEC production could do to demand in oil exporting countries themselves?

  • Case in point, the Middle East, more than 9% of world oil consumption.

  • As you can see here and notice the change over the period from 2000.

  • And Saudi Arabia's economy has begun to feel the effects of this and has begun to suffer.

  • This year, economic output will grow at the slowest pace since 2009 according to Credit Suisse.

  • A budget deficit looms at 15% of GDP.

  • As a result, Middle Eastern oil demand could suffer.

  • This region, consumed nearly 9 million barrels per day in 2014 according to BP,

  • mostly from Saudi Arabia, Iran and the UAE.

  • China, the world's number two consumer, uses 11 million barrels daily,

  • at seasonal peaks, well over 1 million barrels per day are burnt just to generate electricity in the middle eastern region.

  • So any economic slowdown should lead to less power output and less oil demand.

  • And this regional demand is significant.

  • In the decade to 2014, consumption there expanded at a faster pace in percentage terms than any other region, including Asia-Pacific.

  • In terms of barrels per day, the Middle East oil demand growth compares with the two largest consumers as you can see here.

  • Meanwhile, Saudi government revenues are down enough that the ministers are even considering privatizing its state oil company Aramco.

  • Cuts to fuel subsidies will raise costs to consumers too.

  • Late last month, petrol jumped by two-thirds in Saudi Arabia although petrol remains extremely cheap there.

  • Still, even the UAE has also had to cut subsidies last summer.

  • The bear market in oil is likely to hurt oil producing economies, which in turn will diminish overall oil demand.

  • The Middle East is not just about oil supply.

Most of us might look at a map of the Middle East and think lots of oil.


ワンタップで英和辞典検索 単語をクリックすると、意味が表示されます

B1 中級

中近東の石油は供給だけではない|ショートビュー (Mid East oil not just about supply | Short View)

  • 45 3
    Kristi Yang に公開 2021 年 01 月 14 日