Which Countries Benefit from Higher Oil Prices?
Today crude oil prices closed at $78.37 for January delivery after a rise of $1.09. After reaching record high levels in July 2008, the price fell to $30.28 on December 23, 2008 due to the global credit crisis. From that level the price has slowly risen this year to reach $78 today.
When price of oil goes up significantly countries that produce oil earn more.Contrary to popular belief, it is not the middle eastern countries that earned more profits from higher prices in 2008. The chart below shows the countries that gained tremendously in 2008 were actually Russia, Colombia, Mexico and Malaysia.
If oil prices continue to rise next year it is likely that these countries will benefit more again.
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