Pages

International oil markets and global oil crises

International oil markets and global oil crises
The world will become more dependent on Arabian oil in the next two decades according to the Department of Energy's Energy Information Administration (EIA).  To meet global demand for oil, Saudi Arabia will need to produce 13.6 million barrels a day (mbd) by 2010 and 19.5 mbd by 2020. Both the International Energy Agency and EIA assume Saudi oil output will double over the next 15 to 20 years.
On the contrary some economists refuse these facts and believe this is not going to happen. For them Saudi’s oil fields are fading and it will not be able to fulfill the demands for oil in coming years which will create difficulties in international oil markets and in turn will lead to global oil crises.

Blog Archive