How would the economies of Saudi Arabia and Iraq be affected if people in other countries stopped using as much oil as they do today?

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Cubby

17 March, 14:51

How would the economies of Saudi Arabia and Iraq be affected if people in other countries stopped using as much oil as they do today?

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Amiah Collins · Answer 1

The correct answer is:

Their economies would suffer as the price of oil would go up and their profits would go down.

This would be devastating for their economies since they depend on the oil industry. Iraq's economy is governed by the oil sector, which has contributed around 99.7% of foreign exchange incomes in modern times.

The economy of Saudi Arabia it's dependent on petroleum as the country has the second-largest proven oil reserves, and it's the biggest exporter worldwide.