(Note: GCC stands for Gulf Cooperation Council. It's six nations of the middle east including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.)
From today's page one of the Khaleej Times Business section:
"The report said that the specific case of the oil-surplus GCC shows that domestic demand growth has exceeded supply growth... Hence, having once been the swing producer of oil, the GCC may no longer be able to play a role in rectifying the global imbalance... the only way to ease global demand is for sufficient demand destruction in the (world)."
Translation: We in the middle east are consuming a lot more energy every year. In fact, our increased consumption has cut our ability to export oil. Please cut demand everywhere.
Interesting.
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