Friday, July 04, 2008

 

Middle East Oil Consumption Grows

Oil consumption by Middle Eastern countries is showing strong growth, which is more evidence in support of the Export Land Model. Oil producing countries’ production is generally stagnating or declining, while at the same time the high revenues from oil are stimulating their economies and bringing about more energy consumption. So more of their oil stays home, and less is exported. In time, of course, they will stop exporting all together, and keep all their production for domestic consumption.

Here is yet another factor which means more expensive oil and tighter supplies for oil importers.



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