Friday, May 15, 2020

Hundred Sixty Years of Petroleum AGE

Cairo, March 24th, 2020
Hundred sixty years 

of Petroleum Age

Further to our article Hundred fifty years of petroleum AGE, dated 2010. At that time, I did not realize the effect of the crude oil production or consumption on its price, until it was announced that the price of the crude oil now down to 20$ / BBL.
I wonder is it due the development of other energy sources, such as solar, nuclear, wind energy … etc. or the depletion of the crude .. or some other political reasons??
No doubt, it is a monopoly dictated by importing and industrial countries against OPEC, as it is clear at the attached price lists period (1950 – 2020). Also refer to D. Trump speech about OPEC. (Copy attached).
Nevertheless yesterday, April 9th, 2020, it was announced that both Russia and USA forcing OPEC to decrease production to 8 million BBL. By end of 2020, and to 6 million BBL. by end of 2021.
I wonder if they finally realize the danger of fossil fuel (gas/ oil/ charcoal) and its effect on earth as it is considered one of the prime causes of the global warming??!!


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