Why are Middle East oil supplies critical to the global economy? | Counting the Cost

Geopolitical tensions in the Middle East have historically led to a sharp increase in oil prices.

Today, Israel’s yearlong war on Gaza and its ground offensive in Lebanon have done little to boost prices.

That is despite production cuts by major oil producers since October 2022.

A wider war in the Middle East that pits Iran against Israel could change that.

A dramatic increase in the price of oil could reignite inflation and have serious implications for the global economy.

Many nations are pushing back against China’s exports of electric cars.

Plus, will Thailand’s so-called “digital wallets” help grow its economy?

#aljazeeraenglish #lebanon #gaza #israel #china #thailand #middleeast #israelwar #israelhamaswar #economy #markets #business

[sa.]

The real question isn’t why Middle Eastern oil and the Persian Gulf are so important these days, but rather, how can we ensure they *stop* being important to the world? Because, honestly, this whole situation is just toxic. And the ecological aspect is also very important of course.

[peno]

What is the problem? China could answer in the same way: high tariffs for European goods!

[robhappe]

Countries without proper air defense may not price any oil or gas at oil.

[peterutomo]

Some of us are expecting the factory production of some brandy to be rerouted to other Asian countries to negate the effect of tariff whilst also benefiting other region and countries.

[TonyMidyett]

Fossil fuels need to STAY IN THE GROUND!

[resurrectedone]

Israel has lost the war, and the Israeli settler colonial project is failing.

[JSK]

Less critical every day though. Alternative producers (US, Latin America) are growing in volume. Also: electric vehicles. We'll say goodbye to you people real soon.

[shubashuba]

Al Jazeera must be really panicking if it's trying to remind the world how important oil is. 🤣

[kokabr]

If Middle East oil suppliers would put in their contract, when selling oil, "you can not use our oil in equipmemt used in wars with x, y, z countries, " we would not have so many conflicts and bloodshed.

[susannestrange]

Perhaps US is interrested i stopping oil export from Middel east, because theese contryes are beginning to avoid US dollar and thereby they get out of US control.

[thoenyhills]

Oh yeah real critical. A war going on and oil at $68 😂😂😂

[TanvirRaihan-phln]

influence is affected all of country economics.. we need to free trade agreements some special product..

[GC-kwgq]

As an American. I’m glad our Strategic Oil Reserve is topped off. Oh wait…

Drill, Baby, Drill!!

[Sha-tf]

Can anybody plz confirm what accent he is using? Is it British?

[SDArmankhan]

bin Salman 😵😵😵😵😷😷😷🫨🫨🫨🫨 the real man Ali & ali khmeiny lion

[BurroGirl]

Get out of Gaza and the West Bank and Lebanon and there will be peace and security.

[asrafsarker]

SURAH ZUMAR AYAT 74 IN HOLY QURAN

They will say: “All thanks and praise be to Allah Who has made His promise to us come true, and Who gave us the earth to inherit. We may now dwell in Paradise wherever we please.” How excellent is the reward of those who laboured!

[SDArmankhan]

World Muslim population center of ❤Kaba Saudi government 👎👎👎👎 duniya Yad rakhe gi

[ryanwalters]

😂 usa stays winning. We got all the oil you guys need

[frankbandera]

Will the report mention that the US has nearly 2 trillion barrels of oil in the form of shale? Once Trump gets back in office the USA's new motto will be "Drill, baby, drill"