Why do countries import oil?

Countries import oil when domestic production cannot meet their energy demand for transportation, industry, and electricity generation, or when it's more economically efficient to source from abroad.

What factors influence global oil import prices?

Prices are influenced by global supply and demand dynamics, geopolitical events, OPEC+ production levels, economic growth forecasts, currency fluctuations, and strategic reserve levels.

What are the economic impacts of high oil import costs?

High import costs can lead to increased inflation, higher consumer and business expenses, reduced national purchasing power, widening trade deficits, and potentially slower economic growth in importing countries.

How do oil imports relate to energy security?

Significant reliance on oil imports can create energy security vulnerabilities, making nations susceptible to supply disruptions, price volatility, and geopolitical leverage from exporting countries due to various global events.