My today’s obsession is oil. Why? Because I got distracted with information about crude oil price – that’s how markets trade oil – which
rose above $83 a barrel today (
$83.44/barrel at a time of writing this) and it looks like soon oil price will rise to a new all-time record, which currently stands on intraday high as $83.76. To get a broader look, see the charts below [source wrtg.com].
That sounds like a bad news for US, mainly because
US has the highest petrol consumption in the world [source economist.com].
As the below chart shows, the big winners are definitely Arab countries (predominantly
Saudi Arabia because it
has 22.3% of World oil reserves), Africa (Libya, Nigeria), Venezuela, Canada and Mexico. That’s where US imports its oil from [source state.gov].
