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    Home > Chemicals Industry > International Chemical > High oil prices may not be good news for oil-producing countries

    High oil prices may not be good news for oil-producing countries

    • Last Update: 2022-05-16
    • Source: Internet
    • Author: User
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    According to the general view, the current high oil prices seem to make oil-producing countries a lot of money


    Historically, when the cost of oil exceeded 4% of global GDP, users looked for alternatives


    It is not without precedent that high oil prices have brought down oil demand


    In the 2020s, oil alternatives are more common than they were 40 years ago


    Therefore, market participants believe that oil-producing countries such as Saudi Arabia and the United Arab Emirates with idle oil production capacity can reduce the risk of long-term shocks to oil demand by opening up production, and avoid high oil prices to stimulate its rapid decline




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