New Zealand's economy is at risk from changes in the global oil market. Researchers studied how the country's demand for imported oil is affected by prices and income. They found that in the long run, a 1% increase in oil prices leads to a 0.34% decrease in oil demand, while a 1% increase in income results in a 1.61% increase in oil demand. This means that New Zealand's economy is sensitive to oil market shocks, as changes in oil imports and prices can impact the country's GDP.