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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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