WORLD ECONOMIES IN TROUBLE: Middle East Oil Exports Lower Than 40 Years Ago

[Weird Tolkienish Figure]

https://srsroccoreport.com/world-economies-in-trouble-middle-east-oil-exports-lower-than-40-years-ago/


Interesting article. Always helpful to present both sides of any issue.

[IsailedawayfromFR]

It might be they are using more oil domestically to make refined products and chemicals/plastics as well, a lot oF which are exported, items they had previously imported.

@thackney  - any intelligence on this?

[endicom]

The Saudis subsidize domestic use and other, similar nations probably do as well.

[thackney]

It might be they are using more oil domestically to make refined products and chemicals/plastics as well, a lot oF which are exported, items they had previously imported.

@thackney  - any intelligence on this?

Middle East oil consumption is up.

[IsailedawayfromFR]

Middle East oil consumption is up.

Yeah, but the premise of the article is that the countries are using up an increasingly amount of oil domestically so they cannot export as much.  It is inferred that the oil usage is for an increasing amount of domestic fuel usage.

If instead these countries have been able to diversity enough to refine oil into products domestically, then it explains how some of the oil otherwise exported is not simply "used up domestically" but is made into a product that the country would not otherwise have to purchase, or the refined products are exported instead of oil.

I recall that Saudi Arabia, for example, made styrofoam.

Seems exporting a product is more lucrative than exporting crude.

[thackney]

Yeah, but the premise of the article is that the countries are using up an increasingly amount of oil domestically so they cannot export as much.  It is inferred that the oil usage is for an increasing amount of domestic fuel usage.

If instead these countries have been able to diversity enough to refine oil into products domestically, then it explains how some of the oil otherwise exported is not simply "used up domestically" but is made into a product that the country would not otherwise have to purchase, or the refined products are exported instead of oil.

I recall that Saudi Arabia, for example, made styrofoam.

Seems exporting a product is more lucrative than exporting crude.

I believe it is increases in domestic consumption.  It is not just substituting domestic refining in place of importing refined products.

for example:

Saudi Arabia is the largest oil-consuming nation in the Middle East. Saudi Arabia consumed 2.9 million barrels per day (bbl/d) of oil in 2013, almost double the consumption in 2000

https://www.eia.gov/beta/international/analysis.cfm?iso=SAU