The Oil Security Index is designed to enable policymakers and the general public to understand and compare the relative oil security of 16 countries around the world.
SAFE’s Oil Security Index gives readers a detailed breakdown of how change in the production and consumption of oil affects the security of some of the world’s major economies and oil producers. Updated quarterly, the Index is an essential tool for visualizing and comparing the oil security of each country evaluated and includes a spotlight feature on the countries or events influencing the global oil market today.
This latest Index update shines a light on Saudi Arabia, which has so far refrained from cuttting output in the face of pressure from low oil prices, and is also the lowest-ranking country in the Index due to factors including its near-complete dependence on oil export revenue and its high oil consumption levels at home.
The country continues to prioritize economic growth and social spending over cuts, however. Requiring a fiscal breakeven oil price above $80 per barrel, Saudi Arabia has projected a record-breaking fiscal deficit of $38.7 billion for 2015. The Kingdom has begun drawing from its monetary reserves to stave off the effects of low oil prices—reducing its assets from a record $737 billion in August 2014 to $707 billion as of February 2015, an option many of its fellow OPEC nations do not have.
This latest Index update also welcomes the addition of three new countries to the rankings—France, Norway, and Indonesia. To see how these inclusions affect the rankings, please download the newest Oil Security Index.