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??!!