Global oil demand is expected to expand by 2 million barrels a day by year end 2021, but this is still 3 million barrels below the daily consumption level of 2019.. The next big shock to the oil industry could be yet another hit to demand. This would add to the destruction already seen this year as measures taken to combat the pandemic prevented people around the world from commuting and traveling - drastically reducing oil usage.

As a result, oil producing countries could experience a huge setback. Some countries that are overly dependent on oil earnings cannot pay for civil service, healthcare, education or their national security.

Which countries are dependent on oil prices and their oil revenue? Which countries will experience harsh economic impact and what impact could this have on the U.S. economy?

How does this impact entrepreneurial financial planning?

Answer rating: 100% (QA)

Countries dependent on oil prices and their oil revenue include 1 Saudi Arabia Saudi Arabia is one of the worlds largest oil producers and heavily rel... View the full answer