Question

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?(1 point)

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

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.

Answer 1

Their economies would suffer as other countries bought less of the oil that Saudi Arabia and Iraq produce — both rely heavily on oil exports for government revenue and jobs, so reduced global oil demand would cut income and harm their economies.