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Oil Crisis Could Derail Tourism

Category: Tourism. Posted: 24th Jun 2014

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For Asian's the current Iraq crisis seems a world away, but in a global world that links around the world, external events continue to create domino a effect.

One key insight of the Iraq situation is that the country is OPEC's number two ranked oil supplier. Any disruption in supply can have a profound impact on broader oil prices.

Crude oil prices are already set to breach USD110 a barrel, and in the case of a long-term conflict could eclipse USD140.

For tourism oil prices drive airline seats up in cost and for hotel developers construction costs for new properties rise.

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