12 Countries Whose Economies Will Get Wrecked In An Oil Spike

surfing swimming oil

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.

[slideshow]
[slide
permalink=”12-slovakia-1″
title=”#12 Slovakia”
content=”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.

Source: Nomura
image=”http://static.businessinsider.com/image/4b05be3700000000008de69d/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”11-poland-2″
title=”#11 Poland”
content=”Tons of oil required to produce $1 million GDP: 429

Why: With industry centered around shipbuilding, coal mining and iron and steel production, Poland’s energy demands are high.

Source: Nomura
image=”http://static.businessinsider.com/image/4b05bd320000000000272eb5/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”10-hungary-3″
title=”#10 Hungary”
content=”Tons of oil required to produce $1 million GDP: 431

Why: Hungary is set to grow 3.195% in 2011 and with an economy centered on metals production, mining and the automotive sector, its energy consumption is sure to spike.

Source: Nomura
image=”http://static.businessinsider.com/image/4b6af7130000000000d19c1c/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”9-malaysia-4″
title=”#9 Malaysia”
content=”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.

Source: Nomura
image=”http://static.businessinsider.com/image/4b4b4ad0000000000070fa13/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”8-czech-republic-5″
title=”#8 Czech Republic”
content=”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.

Source: Nomura
image=”http://static.businessinsider.com/image/4b05bdc10000000000fa184f/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”7-thailand-6″
title=”#7 Thailand”
content=”Tons of oil required to produce $1 million GDP: 599

Why: The automotive sector and mining industry make high demands on Thailand’s energy consumption.

Source: Nomura
image=”http://static.businessinsider.com/image/4af7f50a00000000003b748b/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”6-south-africa-7″
title=”#6 South Africa”
content=”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.

Source: Nomura
image=”http://static.businessinsider.com/image/4d3d7c04ccd1d55d36060000/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”5-india-8″
title=”#5 India”
content=”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.

Source: Nomura
image=”http://static.businessinsider.com/image/4cc6edd149e2ae4602010000/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”4-china-9″
title=”#4 China”
content=”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.

Source: Nomura
image=”http://static.businessinsider.com/image/4c445c5d7f8b9a3549810000/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”3-indonesia-10″
title=”#3 Indonesia”
content=”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.

Source: Nomura
image=”http://static.businessinsider.com/image/4d233c4ecadcbb5a4d070000/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”2-vietnam-11″
title=”#2 Vietnam”
content=”Tons of oil required to produce $1 million GDP: 1062

Why: Vietnam’s economy is heavily reliant on its manufacturing sector and crude oil exports and with an expected GDP growth rate of 6.526%, its energy demands are bound to rise.

Source: Nomura
image=”http://static.businessinsider.com/image/4b4498a00000000000365ece/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”1-russia-12″
title=”#1 Russia”
content=”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.

Source: Nomura
image=”http://static.businessinsider.com/image/4bd5aefa7f8b9aa771d10100/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”now-look-at-countries-that-look-forward-to-a-spike-in-the-oil-price-13″
title=”Now look at countries that look forward to a spike in the oil price.”
content=”Here Are 12 Petro States That Will Boom When Oil Hits $100 >
image=”http://static.businessinsider.com/image/4b2bed390000000000876c90/image.jpg”
caption=””
credit=””
credit_href=””
]
[/slideshow]