{"id":45322,"date":"2019-04-12T14:01:54","date_gmt":"2019-04-12T19:01:54","guid":{"rendered":"https:\/\/olduvai.ca\/?p=45322"},"modified":"2019-04-12T14:01:57","modified_gmt":"2019-04-12T19:01:57","slug":"the-coming-middle-east-oil-crisis-the-collapse-of-net-oil-exports","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=45322","title":{"rendered":"THE COMING MIDDLE EAST OIL CRISIS: The Collapse Of Net Oil Exports"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/srsroccoreport.com\/middle-east-oil-time-bomb-collapse-of-net-oil-exports\/\">THE COMING MIDDLE EAST OIL CRISIS: The Collapse Of Net Oil Exports<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Middle East is heading for a crisis in its oil industry.&nbsp; Unfortunately, the market doesn\u2019t realize there is any danger on the horizon because it mainly focuses on how much oil the Middle East is producing rather than its exports.&nbsp; You see, it doesn\u2019t really matter how much oil a country produces but rather the amount of its net oil exports.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A perfect example of this is Mexico.&nbsp; As I mentioned in a recent article,&nbsp;<a href=\"https:\/\/srsroccoreport.com\/next-oil-domino-to-fall-mexico-becomes-a-net-oil-importer\/\"><em><strong>NEXT OIL DOMINO TO FALL? Mexico Becomes A Net Oil Importer<\/strong><\/em><\/a>, Mexico is now a net importer of oil for the first time in more than 50 years.&nbsp; Furthermore, the IEA \u2013 International Energy Agency, published in their newest OMR Report that Mexico is forecasted to lose another 170,000 barrels per day of oil production in 2019.&nbsp; Thus, this is terrible news for the United States southern neighbor as it will have to import even more oil to satisfy its domestic consumption.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, when we think of the Middle East, we are mostly concerned with its oil production.&nbsp; However, the Middle Eastern countries, just like Mexico, have been increasing their domestic consumption, quite considerably, over the past 40+ years.&nbsp; How much\u2026 well, let\u2019s take a look.&nbsp;<strong>Since 2000, total Middle East domestic oil consumption jumped from 5.1 million barrels per day (mbd) to 9.3 mbd in 2017:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/dizgpp7sc1t8t.cloudfront.net\/wp-content\/uploads\/2019\/04\/Middle-East-Oil-Production-vs-Consumption-2000-2017.png\" alt=\"\" class=\"wp-image-20069\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">As we can see, while Middle East oil production increased by 7.9 mbd from 2000 to 2017, domestic consumption expanded by 4.2 mbd.&nbsp; This means that more than 50% of the Middle East\u2019s production growth during this period was absorbed by domestic use.&nbsp; The next chart shows how the changes in the regions oil production and consumption impacted net oil exports.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/dizgpp7sc1t8t.cloudfront.net\/wp-content\/uploads\/2019\/04\/Change-In-Middle-East-Oil-Production-Consumption-Net-Exports-2000-2017.png\" alt=\"\" class=\"wp-image-20064\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>THE COMING MIDDLE EAST OIL CRISIS: The Collapse Of Net Oil Exports The Middle East is heading for a crisis in its oil industry.&nbsp; Unfortunately, the market doesn\u2019t realize there is any danger on the horizon because it mainly focuses on how much oil the Middle East is producing rather than its exports.&nbsp; You see, [&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":[9029,433,522,1135,1278,12073],"class_list":["post-45322","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-domestic-oil-consumption","tag-international-energy-agency","tag-middle-east","tag-oil-exports","tag-oil-industry","tag-srsrocco-report"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45322","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=45322"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45322\/revisions"}],"predecessor-version":[{"id":45323,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45322\/revisions\/45323"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}