As the global recovery gathers pace, demand for fuel is increasing and the cost of oil is surging with it.
Oil prices could be back above $100 a barrel as soon as Q2 2011.
Countries focused on the expensive production of metals and machinery have a higher dependency on oil that other states. This high dependency means that for every $1 million in GDP produced, countries must use more oil.
So when the oil price spikes, so do the costs to produce in these economies. That can lead to a nasty downturn when spike occur, in which businesses are forced to cut staff in order to reduce costs.
In order to better understand what countries are under threat in such a scenario, Nomura has ranked countries based on the tonnes of oil it takes to create $1 million of a country’s GDP.
Tons of oil required to produce $1 million GDP: 408
Why: Oil consumption in Slovakia is on the rise according to the Slovakia oil and gas report, partially due to the country's massive manufacturing industry.
Tons of oil required to produce $1 million GDP: 546
Why: With a fast growing economy centered around rubber, palm oil, and crude oil production, Malaysia's energy consumption is going to continue to increase.
Tons of oil required to produce $1 million GDP: 592
Why: Iron and steel production as well as machine building are some of the Czech Republic's biggest industries. And while the country is resource rich, it's very oil dependent.
Tons of oil required to produce $1 million GDP: 752
Why: As one of the world's largest producers of gold, platinum, chromium and manganese, South Africa's mining industry is heavily dependent on oil.
Tons of oil required to produce $1 million GDP: 769
Why: India's steel, mining, cement, crude oil and machinery sectors require high oil consumption and account for a large part of its industrial sector.
Tons of oil required to produce $1 million GDP: 796
Why: Though China is trying to switch from being an export related economy to becoming more reliant on domestic consumption, exports account for 26.7% of its GDP. Its heavy electrical machinery, iron and steel industry, and tremendous manufacturing sector require heavy oil use.
Tons of oil required to produce $1 million GDP: 817
Why: Indonesia is one of the world's largest mineral markets centered on tin, copper, silver, coal and bauxite production, which makes it an oil guzzling economy.
Tons of oil required to produce $1 million GDP: 1952
Why: Russia may produce a great deal of oil, but the countries cold temperatures and massive expanse means more oil must be used to produce GDP than in any other country.
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