Topic: Oil producing countries experiencing hardship. - page 2. (Read 581 times)

I don't see middle East countries facing any hardships as you mentioned tho If I look at Venezuela as the biggest oil by reserve I see the problem there from local war and high inflation rate.
Oil is crucial for now and for future if you see oil as the fuel/gas you wrong because the product derivatives from the crude oil is a lot more than just for fuel.

I believe you're being biased with your judgements, maybe your experiences and current location or government isn't doing too well even with the natural resources in it. One thing that one must know is that national management is far more important than the natural resources, if a countries management isn't too good I don't except it to maximise its natural resources.

Using UAE as an example and Nigeria my country too, the big difference is national management. If the natural resources in Nigeria today is being maximised then it would been as much as the UAE. Even with the Hydro and Electric based services, I think that will not still push away the values of crude in the world today and in the nearest future.

Are you telling me that Saudi Arabia and Qatar is suffering? Saudi Arabia inflation in the last 10 years was average to be 1.8% and that of Qatar is 1.6%, now tell me exactly what you mean by oil producing countries are experiencing hardship in their economic.

If you say some countries, then I have to agree with you because some of them that are experiencing economy decline is as a result of high level of corruption. Let's make Nigeria as a case study: Nigeria inflation rate right now is around 33%, there is high food inflation rate and the evaluation of the currency has made everything worse because the government actually stop subsidizing dollar to their currency and as we are discussing, the country is very difficult to for everyone and this is because the past people in the government has stole a lot of money, they have loot money gotten from their oil sales and also as a result of oil bunkery by millants. This is what happened in other oil countryside.

The world really needs renewable energy to prevent or minimize the bad effects of global warming, indeed it looks bad for oil producing countries but will we continue to have the heart to see the earth getting hotter because of the world's addiction to oil, oil producing countries have sources of income from natural resources!

In other words, it seems to me that not a single oil-producing country is experiencing tough times.

Crude oil and its by-product are still very much valuable in any part of the world, for any country that is facing economic challenge that has crude oil, check very well there is something behind it, Saudi Arabia and Qatar and some countries in the world that have crude oil are doing very well with it. Even as most countries want to move away from fossil engine's, the crude oil and its by-product products are still sold in the international market on a substantial amount.  Op, if you know any country in the world that have crude oil and are not doing well except for corrupt countries, please mention them to me?

Most of the comments on this thread are questioning the OP about how he got his information on oil producing countries facing hardship, although some oil producing countries like Saudi Arabia and Qatar, are utilizing the proceeds of their crude oil sales for the development of their countries, there are others that have backyard economies. I come from a country that is blessed with crude oil, and is exporting it, but ironically our economy is nothing to write home about, many impoverished people and lack of essential amenities like electricity supply. If some other oil producing countries are like my country, then what the OP said is very true, we're suffering in the midst of abundance.

crude oil is still as relevant as ever though, the cost to renew all the technological equipment in various businesses and enterprises still costs a lot more higher than the efficiency that it gonna get even if its for the sake of green earth or going green by using more renewable energy it still needs time for the business and even end consumers to renew their car for example, not to mention that right now electric car even considered a luxury that not all people can afford.
even more interesting is that people right now still prefer to buy the hybrid cars that can be fueled with gas and electric altogether for the sake of convenience because they know that there's still too few of an electric station for charging their cars to remove the limited range their electric car can travel.
I still believe that we are still long way to go though and probably take another decades for electric car to be truly a thing for people to buy.
right now, most of people still prefer fossil fueled cars and also in other category of equipments.

Oil itself is a treasure and blessing to any country that owns it especially the state that it's located, the problem is not only the utilization because the government of those countries knows how to utilized the money but they misappropriate the funds pretend as if they are doing good to the nation, this is more reason why it is better for countries that practice true federalism, the state manage their resources and pay a particular amount of tax to the federal government, in some country different stories all the time, government don't come clean to tell their citizens how much is been made from oil revenue instead the embezzle the money and do whatever that pleases them.

What you said is true, other countries have use war to reck many countries, sometimes too they sign agreement with them to drill the oil for some years to give them ammunition and manpower to fight too, since the oil is their in abundance, the countries that owns them won't say know but unknowingly to them that they are doomed.

So far I have not found any news that says that the crude oil industry is currently experiencing difficulties. Because currently we still have quite a lot of oil reserves and exploration is still ongoing, so until renewable energy is sufficient for future needs, the crude oil industry will not lack resources. And as for the hydro industry, as far as I know it is still not enough to cause problems for the crude oil industry, since its development is still limited to a few areas. Indeed, in the future it will continue to be developed together with other renewable energy industries, but for now it has not reached a level that threatens the crude oil industry. I don't know where you got this information, but it seems the credibility of the source you read needs to be questioned.

Crude remains highly relevant today. And I can't see crude oil becoming irrelevant in the foreseeable future. Hydro can't replace crude oil. Electricity can't fully replace crude oil either. Even in vehicles, I don't think electricity can fully replace petroleum fuels, which are products made from crude oil.

Every country has its own hardships. That includes oil producing countries. But this isn't because crude oil, on which their economies are highly dependent, is becoming irrelevant.

We can't say that the usage of oil will be vanished from this world but yes it will be greatly effected in the coming decades. The new world is now shifting towards the renewable energy sources and fossil fuel usage are being greatly influenced by this approach.

The oil exporting countries should now sense the danger like Saudia already did, they shifted to tourism and they're still trying hard.

The issue you mentioned about hydro and electricity physics and chemistry related is not accurate, although countries depending on crude oil only will not gain value and if you want to compare during the past don’t forget population will increase massively and development will take place. Nothing happened to natural resources but, mono-product economy can affect the growth of a country whereby a country only depend on just one source like crude oil meanwhile there’s a lot to settle, allocation, infrastructure etc with all the bad leaders taking loan when not even necessary. I feel the need emphasizing on poor economy structure (mono production) with bad leaders cause crude oil can’t fight everything but if a country source of wealth comes from different angles I believe things will look more better.

I disagree with this, because I have not heard any news or come across something like this—that a country producing crude oil is suffering economically, or is your country producing crude oil and still suffering economically? Because I still see crude oil as having a huge impact on a country's economy, it makes a country wealthy and has enough ways to get money and make things easy for their country, unless the government of such a country is bad, because even if there is crude oil and the government and citizens misuse or do not value it, as we are saying, that is another impact on the country's economy, and I can say that is when they are suffering.

However, hydro and electricity cannot replace crude oil soon, as you are saying. because if you compare hydro and electricity, people who use them are just a little bit people, though it will increase in the future, but understand that it is not only fuel (petroleum) we get from cruise oil; there are other things that are useful to make things easy for a country, so I don’t think you have a legit point here. Countries that get crude oil are not suffering economically.


Yeah. This is another valid point, and I also think it will be a continuation of what the OP is saying because when a country does not value their natural resources to make things easy for them, they will definitely suffer, as the OP said earlier, and this has happened to some countries, though most of them are due to how their government operates. If the administration is corrupt, then this will happen.

This situation is bound to happen and will become even more dire in the future for the Middle East countries that depend exclusively on natural oil to run their economic systems. Because it is also true that the number of battery and electric powered cars is going to increase in the future, already many big companies have started testing using hydrogen in their new production.  And it is definitely going to increase in the future.

What do you mean? I think oil is still very much a valuable commodity and lots of countries who can produce oil pretty much have huge impact on the overall global economy. When there’s some kind of crisis among countries who produce oil, the rest of the world seems to be in a standstill as prices everywhere increase. So I think they are still doing good with oil but there’s just a lot ot other factors they have to deal with at the moment.

With how abundant crude oil is, I think that we're not so far off to think that we're going to be fine energy wise and it's not crude oil that we're using to power our homes, it's mostly fossil fuels and hopefully more nuclear energy so your concern is valid but a little bit misplaced. The problem with crude oil is that it's going to be a big contributor to pollution but the problem is that we don't have any valid replacement for it that's efficient, less toxic to humans, and create lesser if not no amount of pollution. I don't believe that oil producing countries are facing hard times though, maybe those that haven't complied with the USA are having a problem but other than that, it's going smoothly for them I believe.

This your claim is invalid because it has no facts to back it up. They might be low sell and demand for crude oil now since alternative sources are been found for the consumption of crude oil but that doesn’t mean it has depleted and their are no enough oil in reserves. The demand of crude oil till date can’t be compared to any and those countries are still making billions in this business. With what crude oil is been demanded for today, in century to come, the world will still be in need of crude oil.

All other sources can’t be dependable for that long and the main source of them can as well be inaccessible at some point. One thing with crude oil is that, it continues to flow beneath the soil, it can only flow to another region but cannot be drilled completely from the bottom of the soil forever. Demand for crude oil hasn’t gone down and those alternate source for crude oil don’t have enough products for them to be consumed on.

We are domed if we use all of our natural resources. This may have some serious environmental consequences and no digging up for more isn’t what we are supposed to do. We need to start thinking of other ways to have resources but using sustainable ones for example sunlight, water and air. Our technology is advancing and I believe we should instead focus on that.

If a government is experimenting economic problems when the only thing they have to do is to dig a few holes on the ground and earn money with what they get out of it, this tells me that whoever is in charge does not really know what they are doing, and they are either mismanaging their resources, stealing the money generated this way or both.

Because even if renewable sources of energy are being pushed all around the world, it is not as if our dependence on oil will disappear, since plastics, medicines and other products are derived from oil.

the element of what you are saying that causes all this problem in this country's that have a crude oil is because of lack of management and the enrichment of a political class alone because any civilized country cannot face economic challenge when they have a natural resources that can make them to be well civilize and also solve their economic problem so the problem this countries you mention are having it is because of bad leadership that exist in the means of politicians