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We analyze oil export behavior by Saudi Arabia and the Rest of OPEC since 1973. In the literature there has been a wide range of estimates of their correlation: from positive, to zero, to negative. We find that the correlation has varied over time, from moderately high (0.7) in normal periods,...
Persistent link: https://www.econbiz.de/10011047100
We analyze the rapid growth of Saudi Arabia's domestic oil consumption, a nine-fold increase in 40 years, to nearly 3 million barrels per day, about one-fourth of production. Such rapid growth in consumption – 5.7% annually, which is 37% faster than its income growth of 4.2% – will challenge...
Persistent link: https://www.econbiz.de/10011047204
OPEC′s domestic oil consumption has increased seven-fold in 40 years, to 8.5 million barrels per day (mbd). They consume almost as much oil as China. This constitutes one-fourth of their production. Such rapid growth in consumption (5.1% annually, faster than their income growth of 3.1%) will...
Persistent link: https://www.econbiz.de/10011047222
Persistent link: https://www.econbiz.de/10005219099