With Brent oil around 115$ per barrel and expected to rise further in the light of the unrest in the Middle East, it is worth considering who will be squeezed hardest among the countries of the emerging world.
China and India are the two largest net oil importers in emerging markets. But both are big consumers of coal and rely less on oil than some of their rivals. Chile and Thailand depend far more on imported oil. As the chart below the fold shows, the level of oil dependency is relates to the energy mix which varies a lot between countries. As in so many sectors, policy matters.
The chart illustrates energy supply by fuel for key countries and regions. Latin America is relies more on oil than any region after the Middle East. About half of its total energy consumption comes from oil and the remaining half is largely composed of gas.
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