Oil producing countries experiencing hardship. - page 3.

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Quote from: Sobz on May 08, 2024, 08:59:27 AM

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value, and people still depend on crude.

The main point is that the world's industrial revolution or any kind of revolution never depends on only one source for the rest of time, time goes it also goes on and gradually improves itself and make another revolution with another sources.
And the future era is coming with the revolution of renewable energy sources and this is why if you see most of the Middle East countries are currently reducing their dependency on crude oil and building tourism cities, business cities. And the countries which are not moving away from their dependence on crude oil within the next 20 years, then their economic condition will be terribly worse in the future. because recently I have seen a report that moreover 40% of share of the car market is going to be held by electrical after 2030

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It is very depressing. When your country has a natural resource but it is not developed. But there is nothing to do. Due to lack of adequate maintenance many times valuable resources are not properly utilized. Also due to apolitical influence the country does not get the fair value of the natural resources. Many countries have Victim of non-politicization. As a result of which the country cannot make proper use of natural resources even after having sufficient amount of natural resources in that country.

adaseb

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Yeah I agree with many posters above. I don’t see this happening anywhere. Right now barely anyone drives EVs. Nobody is buying them anymore actually. The adoption to EVs is extremely slow and it will take a decade at least to make a serious dent on crude oil.

Crude oil is not trading near ATHs but it’s also not cheap either. In most areas gasoline is near ATH compared to last Summer. There is no way these oil exporting countries are facing hardship. Even Russia with all its sanctions is still doing fine.

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Quote from: Sobz on May 08, 2024, 08:59:27 AM

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

The abundance of these natural resources has darkened the heart of some people and turned them corrupt that they want the wealth that the resources bring all to themselves and family, wealth is no longer equally distributed, and the reason why people will always be in these country and experience hardship.

The middle is a good example of how a place should be flourishing with good oil resources and sincere leaders, it is not like the people who are in charge were not tempted to monopolize this, but they were able to overcome this corruption and ensure that wealth got equally distributed since the oil should be a blessing to everyone in the country.

Quote from: Sobz on May 08, 2024, 08:59:27 AM

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value, and people still depend on crude.

Hydroelectricity and other forms of power are only creating alternatives for dependence on oil, it doesn't make oil irrelevant.

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Where did you get this information from? OP you’re making an unwarranted assumption, most likely an assumption based on your experience in your home country. I read the OP and can’t help but think about the economic situation of my country, despite being blessed with natural resources we have not been able to maximize our economic potential.

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Quote from: Sobz on May 08, 2024, 08:59:27 AM

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value, and people still depend on crude.

The value of crude has indeed fluctuated over time, but Who said that crude isn’t still valuable? Despite hydro energy and even solar energy becoming increasingly important, crude oil still plays a really important role in many economies. And also, countries should know to diversify as well. What I am saying is that there are many sustainable energy solutions, investing in them is a better move and not just in crude oil.

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They're not having hard time but instead, they're the ones predicting the entire world if we're going to have series of more inflation or they'd setup something together with the FED.

Quote from: Sobz on May 08, 2024, 08:59:27 AM

Is it that these natural resources are not enough to keep us going?

They are natural resources but they're limited and that's why we can't keep with them forever. But there must be a way for them to find a way to keep on producing and digging the lands.

Quote from: Sobz on May 08, 2024, 08:59:27 AM

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value, and people still depend on crude.

Not irrelevant at all. If you're talking about cars, yes, cars are the most consuming of oil products but producing electricity also requires oil/crude from the facilities that generates it.

I mean some if not most of them.

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Quote from: Sobz on May 08, 2024, 08:59:27 AM

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Am not sure you did any actual research on this, did you? Else, I just find you yo be speaking out of assumption and probably due to where you’re from and what’s obtainable there as an oil producing nation state.

I would tell you that oil producing states around the world aren’t suffering because the crude isn’t so valuable or lost it’s value, of course that’s not true and only a few nation states suffer this really. There are a good number of oil producing national states that are living in the future. I wouldn’t want to mention any but, you could research on that and see what you would find.

The few nation states that suffer despite having this resource in abundance and those that have got corruption within its ranks of the government and those who don’t have what it takes to refine the crude into its component products for local use and exportation. That’s no fault of anyone but the nation itself.

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Quote from: Sobz on May 08, 2024, 08:59:27 AM

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges.

They are facing economical challenge because they do not know how to utilize the resources that they have. They're either been oppress out of their resources or corruption is making only a few set of people to benefits from the national resource. Other countries are using the excuse of wars to steal their oils without them knowing. If you can utilizes your oil resource well you'll be wealthy. Countries like Qatar that have only crude oil has utilized it to the extent that they're among the richest countries in the world. Crude oil isn't losing any significant because the renewable energy can't sustain the earth like how crude is used for fueling.

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Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Crude oil is still valuable, the price is increasing always and making the nations that owns crude oil rich because when crude oil is discovered in any country and they make use of it well they'll be among the top riches countries in the world. Apart from the countries that don't know what they have or have the resources to get the most out of crude oil, the rest that knows the value are all rich so crude oil is still significant in the world.

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Quote from: Sobz on May 08, 2024, 08:59:27 AM

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value, and people still depend on crude.

The hardship you are talking about in the countries you have in mind is not because of irrelevancy, crude still remains a valuable product. The oil countries that are going through hardship is because of mismanagement, and if you check these countries are generating good money from crude, but they are all going into the pocket of some set of politicians. Oil countries in the European world and Middle East are making money from crude and their economy is progressing.

So many countries still depend in crude because it is more affordable when it is compared to solar energy. I don't totally agree to what op is saying as if it is all oil countries facing hardship.

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Quote from: Dr.Bitcoin_Strange on May 08, 2024, 02:18:14 PM

Well, I don't think it's all the oil-producing countries that are facing this hardship together. Yes, we know that hydro and renewable energy are becoming more adoptable, but yet oil still has a wide range of uses across nations.The reason why some countries are facing hardship is not because oil business is not generating revenue for them, although is not booming as much as before when the price of crude skyrocketed but the current profit is still significant enough not to let a country face hardship. The major reason why some oil-producing countries are facing hardship is because of the high level of corruption among the greedy leaders in the country. Mismanagement of resources can cause hardship too.

I agree with you on this assertion. As an oil producing country, the business is not as lucrative as it used to be for them, especially with the massive profit they were enjoying in those days, but that doesn't mean they must suffer hardship altogether. The truth is even the gas producing countries right now have more patronage and profitability. But only countries who have not been able to utilize the crude oil they had due to a failed system and corruption that have eaten up their performance. Those are the countries facing the downtrend of the oil production that has negatively hit the countries today.

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Well, I don't think it's all the oil-producing countries that are facing this hardship together. Yes, we know that hydro and renewable energy are becoming more adoptable, but yet oil still has a wide range of uses across nations.The reason why some countries are facing hardship is not because oil business is not generating revenue for them, although is not booming as much as before when the price of crude skyrocketed but the current profit is still significant enough not to let a country face hardship. The major reason why some oil-producing countries are facing hardship is because of the high level of corruption among the greedy leaders in the country. Mismanagement of resources can cause hardship too.

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Quote from: kentrolla on May 08, 2024, 01:46:13 PM

Major oil producing nations are not facing any economic hardship and those who are facing hardship are due to their internal conflicts and wars spread around middle east and despite the wars it's the oil that keeps afloat else they would just crumble, I don't this oil will ever be irrelevant and no matter be it hydro or electric but still they cannot replace oil hence I don't align on this news

crude is still the source of energy to fuel the cars and the planes we have today. i don't see any changes to this even after decade from now. i don't think they can develop a plane powered by battery. which means oil-producing countries will still be rich.

but there are potential changes that could happen since car batteries for Electric Vehicles are standardized and an EV owner can just trade his battery to continue going again, there is no charging required they just have to replace the battery. every EV manufacturer will need to use the same battery for all.

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Quote from: Sobz on May 08, 2024, 08:59:27 AM

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value, and people still depend on crude.

I wouldn’t say all countries but if you look at it there is truth in what you are saying because with time oil will run out of market and there will be less usage for it countries are advancing and are looking for ways to leave crude in running motto’s, and in the future the relevance of oil would have dropped seriously, and if you look at the global oil market those that have customers are losing customers due to reasons. And actually a lot of countries made good money from crude but sooner or latter electric and solar will take over and the market will eventually drop. And it’s good because even the emissions coming from mottos are dangerous to the atmosphere so there are a lot of reasons to leave oil.

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Major oil producing nations are not facing any economic hardship and those who are facing hardship are due to their internal conflicts and wars spread around middle east and despite the wars it's the oil that keeps afloat else they would just crumble, I don't this oil will ever be irrelevant and no matter be it hydro or electric but still they cannot replace oil hence I don't align on this news

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Quote from: Sobz on May 08, 2024, 08:59:27 AM

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value, and people still depend on crude.

You have started a good topic. Crude oil is no doubt losing some demand due to the supply of renewable resources like solar and Hydro (you wrote electricity instead of solar). But I will not say crude oil is losing its demand because it still has a lot of demand and supply too. So I won't blame renewable resources for the fluctuations and hardships a oil-producing country is facing. Because the main factors are less management and no planning.

For example, if a proper management will be taken place then no oil will be wasted, proper profits will be made and proper expenditure will be set. For example without planning and management, most of the oil authorities eat money in corruption, they don't spend those funds to build wealth instead they eat that wealth to fulfill there wishes. For example.

Norway made good plans, and invested there revnunew from crude oil into other long term assets that are making them good profit and brining easiness in there life. While Venezuela is facing more hardships due to bad management and total dependency on oil. More dependency on oil is bad, so if you are producing oil, diversify your source of income, as oil should not be your only source to make money.

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Mismanagement of funds and resources is what's making countries suffer. Crude still has so much value in the market and still makes countries flourish economy. The issue is mainly faced by West African countries because of the greed of their politicians and the lack of a proper working system. Countries like Qatar and Saudi Arabia are flourishing and their economy is mainly built on Oil and gas. A good pass of their GDP is made up of oil and gas.

Quote from: Sobz on May 08, 2024, 08:59:27 AM

Hydro and electricity are making crude to become irrelevant which is why it is not bringing much value, and people still depend on crude.

How can you even believe oil is becoming irrelevant? What's the percentage that electric cars add to a GDP? Is something okay a selected few can afford? I believe cars and engines that don't require oil to run would be a normal thing but it would be in decades, if not up to a century from now. A lot of African countries don't even have access to constant electricity, so how then are they going to use electric vehicles?

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Crude oil has changed. Energy source awareness is improving. Solar and hydro are all the rage. Trying to clean up the planet, guy. Oddly, we're still addicted to oil. Like keeping a pack of cigarettes in our back pocket while attempting to quit. Despite new innovation taking over, old energy gear still sucking oil. Oil-rich places are struggling. They didn't adapt to alternative revenue streams. The Gulf States are adopting tech and tourism to catch up. Finally, they know oil won't last forever. It's not oil running out - nobody cares anymore. Mix things up or you'll become irrelevant

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Quote from: Sobz on May 08, 2024, 08:59:27 AM

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

You're not correct by your assertion because countries like USA, Saudi Arabia, Russia and Canada are not facing any serious economic hardship. Also, being an oil producing country does not automatically make you rich. Having crude oil is one thing, managing it properly and making policies that will better the lives of the citizens is another thing. So why some countries are experiencing economy hardship despite having oil are over reliant on crude, mismanagement, bad policies and corruption.

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Quote from: Sobz on May 08, 2024, 08:59:27 AM

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value, and people still depend on crude.

Oil is a finite resource and while they still have a lot of it left, it will eventually run out. Then you have to wonder how countries like Saudi Arabia will keep their population happy to prevent overthrow of a dictatorship monarchy. The good will that the leaders in these countries had previously bought will evaporate. The best chance of holding on to their wealth is to be like Norway and establish a large sovereign wealth fund with a large chunks of the profit they are earning now.

Topic: Oil producing countries experiencing hardship. - page 3. (Read 573 times)