The impact of oil position on industrial oil final consumption in G20 countries

Authors

Dalal Al Kahtani

 

Abstract

The paper examines the relationship between the oil position and oil consumption in the industrial sector of the G20 countries during the period 19902020-. It uses descriptive statistics analysis of available International Energy Agency (IEA) data. These countries were divided into three groups (Oil Producing and Exporting – Oil Producing and Importing –Oil non-Producing and Importing). The study suggests that regardless of the oil situation, the G20 has succeeded in reducing the percentage of oil use in the industrial sector in order to avoid the effects of oil market fluctuations. Moreover, for environmental considerations, it has developed policies that achieve sustainable development goals by increasing reliance on alternative and clean energy. As regards the oil exporting countries, such as Saudi Arabia, they are trying to diversify their sources of income and are making structural economic changes in order to reduce the impact of these fluctuations.