An analysis of oil export data reveals which nations have gained from higher prices since the Iran war began.
Some countries have seen significant revenue increases due to the oil price shock. These nations are largely those with spare production capacity.
Saudi Arabia has captured a large share of the new revenue. Its vast oil fields allowed for rapid output increases as global prices climbed.
Other Middle Eastern producers, such as Iraq and the United Arab Emirates, have also benefited. Their exports rose alongside elevated market prices.
Russia has gained despite facing international sanctions. Higher oil prices have partially offset its reduced European sales.
On the losing side, Iran itself has suffered a massive revenue collapse. Its oil exports have plummeted due to war-related disruptions.
Venezuela and Libya have lost revenue as well. Their struggling oil industries could not capitalize on the higher prices.
European nations have faced higher costs for crude imports. This has strained their economies and fueled inflation.
The divergence between winners and losers may continue as the conflict evolves. Market dynamics remain tied to geopolitical developments.
