{"id":22236,"date":"2016-12-07T21:33:20","date_gmt":"2016-12-08T02:33:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22236"},"modified":"2016-12-07T21:33:20","modified_gmt":"2016-12-08T02:33:20","slug":"world-economies-in-trouble-middle-east-oil-exports-lower-than-40-years-ago","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22236","title":{"rendered":"World Economies in Trouble: Middle East Oil Exports Lower Than 40 Years Ago"},"content":{"rendered":"<h3 class=\"post-title single\"><a title=\"Permanent Link to WORLD ECONOMIES IN TROUBLE: Middle East Oil Exports Lower Than 40 Years Ago\" href=\"https:\/\/srsroccoreport.com\/world-economies-in-trouble-middle-east-oil-exports-lower-than-40-years-ago\/\" rel=\"bookmark\">WORLD ECONOMIES IN TROUBLE: Middle East Oil Exports Lower Than 40 Years Ago<\/a><\/h3>\n<div class=\"meta\">Yes, it\u2019s true.\u00a0 Middle East net oil exports are less than they were 40 years ago.\u00a0 How could this be?\u00a0 Just yesterday, Zerohedge released a news story stating that\u00a0<em><strong><a href=\"http:\/\/www.zerohedge.com\/news\/2016-12-05\/\" target=\"_blank\">OPEC oil production reached a new record high of 34.19 million barrels per day<\/a><\/strong><\/em>.\u00a0 To the typical working-class stiff, driving a huge four-wheel drive truck pulling a RV and a trailer behind it with three ATV\u2019s on it, this sounds like great news.<\/div>\n<p>Unfortunately for the Middle East, this isn\u2019t something to celebrate.\u00a0 Why?\u00a0 Well, let\u2019s just say, there\u2019s more to the story than record oil production.<\/p>\n<p>While the Middle East oil companies were busy working hard (spending money hand over fist) to produce this record oil production, their wonderful citizens were working even harder to consume as much oil as they could get their hands on.<\/p>\n<p><strong>In the past 40 years, Middle East domestic oil consumption surged more than six times from 1.5 million barrels per day (mbd) in 1976, to 9.6 mbd in 2015<\/strong>.\u00a0 This had a seriously negative impact on rising Middle East oil production:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-14626\" src=\"https:\/\/srsroccoreport.com\/wp-content\/uploads\/2016\/12\/Middle-East-Oil-Production-vs-Net-Exports.png\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" srcset=\"https:\/\/srsroccoreport.com\/wp-content\/uploads\/2016\/12\/Middle-East-Oil-Production-vs-Net-Exports.png 643x, https:\/\/srsroccoreport.com\/wp-content\/uploads\/2016\/12\/Middle-East-Oil-Production-vs-Net-Exports-240x172.png 240x, https:\/\/srsroccoreport.com\/wp-content\/uploads\/2016\/12\/Middle-East-Oil-Production-vs-Net-Exports-300x215.png 300x\" alt=\"middle-east-oil-production-vs-net-exports\" width=\"500\" height=\"358\" \/><\/p>\n<p>According to the\u00a0<a href=\"http:\/\/www.bp.com\/en\/global\/corporate\/energy-economics\/statistical-review-of-world-energy.html\" target=\"_blank\"><em><strong>2016 BP Statistical Review<\/strong><\/em><\/a>, the Middle East produced 30.10 mbd of oil in 2015 compared to 22.35 mbd in 1976.\u00a0 This was a growth of 7.75 mbd.\u00a0 However, Middle East domestic oil consumption increased from 1.51 mbd in 1976 to 9.57 mbd in 2015.\u00a0\u00a0\u00a0<strong>Thus, the Middle Eastern economies devoured an additional 8.06 mbd of oil during that 40 year time-period<\/strong>.<\/p>\n<p><strong>NOTE:<\/strong>\u00a0 The production data shown in the chart above only represents Middle East oil production.\u00a0\u00a0<strong>OPEC members not included are Algeria, Angola, Ecuador, Gabon, Libya, Nigeria and Venezuela.<\/strong>\u00a0 I only listed the production data for the Middle East as the data was readily available.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WORLD ECONOMIES IN TROUBLE: Middle East Oil Exports Lower Than 40 Years Ago Yes, it\u2019s true.\u00a0 Middle East net oil exports are less than they were 40 years ago.\u00a0 How could this be?\u00a0 Just yesterday, Zerohedge released a news story stating that\u00a0OPEC oil production reached a new record high of 34.19 million barrels per day.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[366,522,595,14206,3246],"class_list":["post-22236","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-global-economy","tag-middle-east","tag-oil-production","tag-srsrocco","tag-world-economy"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22236"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22236\/revisions"}],"predecessor-version":[{"id":22238,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22236\/revisions\/22238"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}