A look at the region's growing demand for its own key export
Some of you who saw my piece last month for the Globalist, "The Middle East's Voracious Hunger for Energy," wondered if I could post some charts showing the data underlying the argument. Here are three.
The piece argues that the Middle East's rising oil consumption, driven by access to cheap government-subsidized oil, is becoming more central to global oil market fundamentals. These countries are facing a growing appetite for their own oil, which limits the amount they can export. Unless government leaders in the region chart a new course by addressing subsidies, the implications for their fiscal positions, as well as for world oil supply, are problematic.
As I explain in the piece: "Unlike the BRIC countries, the Middle East's strong growth in demand for oil has mostly stayed under the radar. In the first decade of the 21st century, it rose by 56 percent, more than twice the increase seen across Latin American and Asian Pacific nations, and four times the global average. Although it was no match for China's 90 percent growth, in absolute terms the region gulps close to as much oil (8.1 million barrels a day in 2011) as the Middle Kingdom does (9.7 million barrels a day), according to 2012 data in the BP Statistical Review of World Energy."