Supply of Oil and Alternative Energy Sources in the Next few decades
This research will begin with the statement that there has been an enormous discussion about the future of oil ever since the theories of global warming and sustainable living have emerged “Oil’s very future is now being seriously questioned, debated, and challenged”. The present research has identified that Saudi Arabia has been reassuring the world about the enormity of oil reserves in the capacity of owner of the biggest oil terminal in the whole world i.e. Ras Tanura while the world has generally remained skeptical about the assertions of Saudi Arabia. The researcher states that this can partly be attributed to the fact that Saudi Arabia has generally kept the information about her oil reserves hidden and has not allowed any external audits of the same. This essay discusses that, in addition to that, Saudi Arabia has not leaked the statistics about her oil reserves and much of the information that is spread across the world today comes from predictions and estimations. The author has rightly presented that Saudi Arabia has always overestimated the supply of oil for the years to come: Naimi’s [Saudi Oil Minister’s] role is to assuage a nervous market. He blames the continued run-up in prices on "speculators." And he asserts that Saudi Arabia would be able to meet the world’s rising demand for years to come. . This paper illustrates that many experts find themselves between these two poles.