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

The United Arab Emirates is a rich country because of petroleum. If there is a country that has large petroleum reserves but is not rich, it means that the country cannot process petroleum independently. Water energy, steam, and so on will not be able to replace petroleum due to the fact that currently the majority of vehicles still use oil fuel. switching from oil fuel vehicles to electric vehicles is not easy because the majority of the population uses oil fuel vehicles and time efficiency is a problem.

Others in the thread are right to question the alleged hardship the op is talking about. The top countries by crude oil production are the United States, Russia, and Saudi Arabia. The US is doing great, still being the #1 economy in the world. Russia is a special case because of heavy sanctions due to its war against Ukraine, but its economy unfortunately grew by more than 3% despite everything in 2023. Saudi Arabia experienced a minor decline in 2023, it seems, but is expected to grow in 2024.
It's important to diversify economies that depend on natural resources because the world must move away from those resources to fight the effects of climate change. But it seems early to talk of hardships here.

Its funny how people talk about everything except about copper.
Copper is due to run our in 2030, that's not too far away. About a decade or 2 is recycling.

everything about crude oil is important. the plastic we use today in many products including the tires comes from the crude we process. this is how the OPEC countries going to be relevant no matter what and those hydro and solar are just not going to give a full energy that can be used extensively.

Russia discovering more deposits in their region is going to make them richer. the same goes for China in the South China Sea where they already could dig under the sea.
this is the kind of thing that will happen while the other apart of the world is abandoning crude.

Crude oil is still an important commodity in the lives of the world's people, so its role is still difficult to replace by renewable energy. Recently, many people have complained about the high cost of battery maintenance for electric vehicles.

This confirms that the world is actually not ready to abandon crude oil, only some people claim that the world is getting sicker because of crude oil, this is actually not proven, in developing countries, it is difficult to abandon oil, so crude oil commodities are still very tempting.

Only in the 1st world. The 3rd world will happily consume fossil based fuels.
To go electric you need a charger solution, worldwide and that is only cars, bikes. What happened to ships? Airplanes? Rockets???

that's true, in fact they became more wealthy especially nowadays that the price of oil is in hike and knowing them as the biggest producers of oil, It is also possible for them to be in danger because there are days when someone sends a warning or threat to them from another country using bombs or missiles, but because the security of the middle east is strict and alert, they are able to prevent it before it hits their country.

Oil and gas are resources that are always needed by everyone in all countries in the world, which are needed to move many things in society. However, we all also have to know that oil and gas are also used by weapons factories to be able to produce weapons so they can be sold to countries that need them, so oil and gas can also trigger bad things if they are not used properly. But when it comes to the welfare of the people in oil exporting countries, of course they can all feel prosperity because they are influenced by the condition of the country which is already quite rich.

From what you say, I think there is also some truth to it because when the availability of oil and gas starts to run out in a country, of course all the people will feel more worried if they don't have other sources they can rely on to continue living prosperously. As for the trigger for war, I think it is not only influenced by the presence of oil and gas resources, but is also triggered by the struggle for strategic areas which in these areas also have abundant resources to be controlled by certain countries.

Renewables, they are making energy cheap and clean. Renewables were in its early form advertised as environment friendly way of generating electricity and necessary to curb global warming. With the economy of scale, renewables now have became a cost effective way as well. Many countries are going renewable to make their energy mix safe of international influence. The decline of oil only economy would be sharp many study suggest we have already peaked oil use and the downfall would be sharp. There might be a small demand but with many countries economy depended on oil, they'll suffer more than they are now.

well thats true, after all our entire civilization still depends on the gas and fossil fuel in general, but its always good to know that there's alternative so that when we ran out of the oil the entire society and civilization won't crumble.
right now so many companies are experimenting with various source of energy such as hydrogen and so on which is great considering that we eventually need alternative and having alternative is good I guess.

the current industrial complex though i don't expect there to be any massive shifting anytime soon, shifting to renewable, more eco friendly energy requires massive amount of money.
only big companies with big chunk of reserves could afford that like many people said above.
so that means oil producing countries won't even face any hardship in the meantime and probably in the future.
oil still one of the most needed thing ever in the planet earth even until today.

Your examples with Saudi Arabia and Qatar are good enough to point OP in the right against their hasty generalization. We shouldn't use a misnomer as yardstick for judgment on larger scale. Africa is a bad case here and I believe it doesn't apply to the rest developed countries of the world.

I guess OP wrote with such memory of countries that have allowed corruption eat into them to the point that the geese that lay the golden eggs for them are neglected. Nigeria is a good example of countries with crude oil as natural resource yet the regions producing it are suffering deprivation. These regions are so deplorable that no one outside those regions would wish oil were discovered in their region.

Yes, that would be the main problem. Because if we talk about Saudi Arabia, a powerful country in the Middle East, that country contributes significantly to oil production, but the government of that country has recently been investing a lot in different platforms, such as in football, they have invested unprecedentedly, which even the biggest countries are unable to do. I think there is a big waste of money. Some feel that the country does not want to depend on just one resource. If the decision is wrong, the situation of those countries can be worse. But as long as they have natural resources, they will be rich. And there is no way to say whether the demand for crude oil will decrease or the utilization will decrease. Its demand in the world market has not decreased. There may be instability due to political reasons but the demand is high.

When oil resources are still plentiful and can still be mined well, a country like that will never have difficulty achieving anything. However, we also have to keep trying to find other sources, so that when oil supplies in the world run low, our business will still run. I am afraid that when many countries have a lot of money they will be confused about how to spend this money so that they will create wars that will use their money to buy sophisticated weapons equipment and trigger world destruction.

Inflation in the country is likely to rise slightly due to the instability of the world market inconsistencies in market management and rising global fuel prices. In addition if the supply chain of the product is damaged due to the conflict situation the transportation costs related to exports mainly to Iran or neighboring regions may increase. Exporters may face tougher competition due to increased manufacturing and supply costs. Saudi Arabia Russia has long been one of the world's largest oil producers and exporters of petroleum it has significant oil reserves and plays an important role in the global oil market. Iraq is a major oil producer in the Middle East and has substantial oil reserves. Despite challenges related to conflict and political instability it remains an important oil-producing nation.

The problem of some oil producing countries is not about the oil and the value of the oil itself to the markets, as we stand today we cannot survive without oil, thrus the importance of a change on our relation with energy and the way we produce it. The problem with the hardships of some countries which have much oil is the management and the blatant corruption which cripples the ability of those sovereign nations to push forward and improve their quality of life.
I think it has become more than obvious that the quantity of oil is not directly proportional to wealth and quality of life.

Venezuela and Nigeria and both countries with very significant petroleum wells, but both countries suffer from having nefarious political administrations which do not care to use the natural resources properly for the food of the people. On the other hand, we have Saudi Arabia and the United Arab Emirates, which have relatively high living conditions, not as much oil as Venezuela, and yet they have managed to be responsible enough to seek for development.

In the end of the day, it is about corruption and the culture of the people who is supposed to keep leaders in check.

the thing that cause some countries that have a crude oil for continuously on kept and also undeveloped it is because of the governing council of that particular country, some countries that have oil blocks I think in there are doing well and they are developing their country with a their natural resources income but some countries that lack management and the leadership and the leadership does not know they measure concept of managing their crude oil and their country

we can find countries that are dependent on oil exports that are struggling though. even the countries in the EU have a hard time since the time of Ukraine-Russia war, the prices of oil/gas are making people poorer.

all countries will be crippled without crude, it's what runs the machines and provides energy still. we have been fooling ourselves about EVs. it's only good for a few minute ride in the city.

As said by others, you should at least mention the counties you are talking about and briefly describe what sort of hardships you are referring to because I don't see countries producing and exporting oil facing hardships apart from a few countries that have sanctions by the UN and can't sell their natural resources to other countries, Iran is one example in this category, but even Iran isn't suffering or facing hardships, the country is great for its people.

There is no doubt that sources of energy are changing over time and a lot of things are being converted from oil-driven to electric such as cars and many machines, but there will always be some places where oil will be required, and as long as that requirement stays, oil-producing countries won't suffer.

Countries that export oil cannot experience difficulties. What's so difficult about this? However, countries that do not have oil, gas and other resources have difficulties) If you have oil or gas, you don't have to think about how to keep your family warm in the winter. There is no need to invent alternative energy sources or pay money to buy them. There wouldn’t be so many wars on our planet if oil and gas brought difficulties. Their absence is what makes people wage war.

Not all, but some countries that have the cured oil as one of their best natural resources are suffering, and it might be as a result of their government because there are still countries that have this crude oil and are still not suffering, but those countries that have leaders that are highly spoiled with greed and corruption will always be victims of suffering. 

Eventually, hydro and electricity, together with the technology, are starting to be a threat to crude oil because there is a reduced need for it due to those electric cars and machines that are now created. They don’t need to use any source of crude oil, but they can’t do without it unless they reduce the demand, so crude oil is still in high demand in the market, but those countries that suffer even with crude oil in their countries are as a result of their governments.

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

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

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.


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.

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.

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.

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. 

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.

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.

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

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.

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.


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?

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

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.

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.

What hardships you are referring to?

Oil is still one of the most exported commodities around the world. Do you think some electric cars will reduce the usage of oils? Probably in distant future it can happen but not now atleast.

Please remember that battle tanks and fighter jets do not run on electricity!

This is not entirely correct. Crude is still as valuable as it used to be in many west African countries. They are yet to catch up with the rest of the world on hydroelectricity, solar, wind and the other renewable sources of electricity. They are still bent of refining crude and some powerful people in the government will easily block any other option because they own a lot of oil blocks and will be at a loss if they allow it.

Recently, Tanzania generated so much power from their hydro plat that they had to shut down some of their dams because it was producing too much electricity for the country.

By implication, the use of crude oil products for power still remains highest when compared globally. Also, the hardship of some oil producing nations is obvious but not all oil nations... May be misappropriation of different kinds might have moved them from oil boom to oil doom.... Pending when they're ready to realign there economy.. As crude oil products still remains highly used daily worldwide.

I have not been to the Middle East but I know that many oil-producing nations in that region are doing well economically. Foreigners especially from developing nations might suffer hardship in some of these oil-producing nations in the Middle East as we heard during the preparation for the World Cup in Qatar where immigrant workers were abused,misused, and short-paid. But their citizens are enjoying a high standard of living.

It is not true that new inventions like electric and hydro power is making crude obsolete. The demand for crude have not reduced due to these inventions. Major crude oil consumers might not switch to clean energy for decades. The demand for crude will keep increasing because switching to electric-powered machines or automobiles is very expensive. Many countries are not even making projections on when to end fuel derived from crude.

The only reason why major oil-producing nations are poor is because of corruption and bad leadership.

Any news stories that would support your claim, I do keep track on global news even just a little in my phone and check on it daily, so far, there's no big news that's shown there so I'm surprised that you're saying this one already it's a really weird that they're experiencing those hardships, it takes a lot for these countries to go down or even have bad days so I'm genuinely curious why you're saying this without giving out any kind of context, articles and/or news to tell us what's going on.

You don't know what you're talking about do you? Electricity is produced by power plants that consumes a lot of those crude that you're talking about, if it's not present then there's no way that electricity would function. Regarding hydroelectricity, there can only have so much dam to be built before we can't sustain the need for energy of our civilization on hydro power alone.

I don't see middle East countries are facing any hardships as you mentioned they're the biggest producers of crude oil whereas Russia is also have huge resources but they're facing sanctions which makes it difficult for them to trade their natural resources and make money out of it.

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.