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

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

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

Their econonmies would sufffer as other countries brought less of oil that Saudi Arabia and Iraq produce

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

Answer 1

If people in other countries stopped using as much oil as they do today, the most accurate statement regarding the impact on the economies of Saudi Arabia and Iraq would be:

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

Both Saudi Arabia and Iraq rely heavily on oil exports for their national revenues. A significant decrease in global oil demand would lead to a decline in oil prices, thereby reducing their profits and economic stability. Although there may be some short-term adjustments or attempts to diversify, the immediate effect would be a substantial negative impact on their economies due to decreased oil sales.