The Middle East was the fastest growing region for oil consumption except China over the last decade as young populations and booming economies simulated a surge in fuel demand. The Middle East is not only one of the world’s most important producers and exporters of oil; in recent years it has become one of the most important and fast-growing consumers. In an example of the destabilizing positive feedback loops in the oil market, the richer the countries around the Gulf became, the more their own internal energy consumption surged, and the more they contributed to oil demand. Positive feedback from the Middle East’s own oil consumption amplified the oil boom from 2004 to 2014; now it threatens to make the downturn worse. Consumption of gasoline, distillates, fuel oil and other petroleum products across […]