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?

Question

(1 point)
Responses

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

Their economies would improve as the price of oil rose and jobs in the oil industry were created.
Their economies would improve as the price of oil rose and jobs in the oil industry were created.

Their economies would suffer as other countries bought less of the oil that Saudi Arabia and Iraq produce.
Their economies would suffer as other countries bought less of the oil that Saudi Arabia and Iraq produce.

Their economies would not be seriously affected because they are very diverse.

Answer 1

The most accurate response to how the economies of Saudi Arabia and Iraq would be affected if people in other countries stopped using as much oil as they do today is:

Their economies would suffer as other countries bought less of the oil that Saudi Arabia and Iraq produce.

Both Saudi Arabia and Iraq heavily depend on oil exports for their economic revenue, so a significant decrease in global oil demand would likely lead to reduced sales, lower revenues, and subsequently negative impacts on their economies.