Not just money but oil is most important in the World

[Victorycoin]

Oil along with money is very important to improve the economy of the country oil is used in many daily activities of human beings fuel oil plays an important role in world politics countries that fuel the united states have doubled their oil production but now it is doing less. The main reason for this is that the united states has found large reserves of oil stored in shale wells.

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[DrBeer]

Most countries who happens to have this natural resources feels powerful because yes oil is very important to any countries economic growth reason why countries with oil are doing everything possible to safeguard it, those with great foresight are utilising the opportunity to develop and increase their position in the world, reason why some powerful countries are oppressing small and less powerful countries to take over their crude oil, although slowly alternatives with the production of electric vehicles and such devices that need the use of oil are comingup, perhaps in the future when this electric vehicles are more common oil will not be so important as it use to be and only countries with such ability will have the upper hand.

Controversial statement. See the list of countries, TOP-10, by oil reserves:

1st place - Venezuela.
2nd place - Saudi Arabia.
3rd place - Canada.
4th place - Iran.
5th place - Iraq.
6th place - Kuwait.
7th place - United Arab Emirates (UAE).
8th place - Russia

And now:
1,4,5,8 - countries that DEPEND on oil prices, and the economy suffers huge losses when it decreases. Moreover, having oil but not having brains, they were unable to take advantage of high prices and invest the profits from the sale of oil in the development of technologies and other sectors of the economy for diversification.

2,3,6,7 - countries both have dependence and do not have dependence (we mean a strong dependence of the budget on oil prices). They were smart enough to reinvest in other industries, in the development of the country, in raising the standard of living of their citizens.

So everything is not so simple. Any resource can be useful in skillful hands, and harmful in the hands of a fool ...

[Vishnu.Reang]

Controversial statement. See the list of countries, TOP-10, by oil reserves:

1st place - Venezuela.
2nd place - Saudi Arabia.
3rd place - Canada.
4th place - Iran.
5th place - Iraq.
6th place - Kuwait.
7th place - United Arab Emirates (UAE).
8th place - Russia

The list doesn't make any sense. The cost of production of crude oil in Saudi Arabia is only around $9 per barrel (that includes transporting the crude to refineries). For Russia it costs around $30 to produce one barrel of crude from the onshore deposits (including transport). For the arctic reserves, the production cost excluding transport is $120 per barrel. So it is not right to group all the deposits together. It may give an impression that Venezuela will benefit the most in future, but the cost of production there is manytimes what they have in Saudi Arabia.

[DrBeer]

Controversial statement. See the list of countries, TOP-10, by oil reserves:

1st place - Venezuela.
2nd place - Saudi Arabia.
3rd place - Canada.
4th place - Iran.
5th place - Iraq.
6th place - Kuwait.
7th place - United Arab Emirates (UAE).
8th place - Russia

The list doesn't make any sense. The cost of production of crude oil in Saudi Arabia is only around $9 per barrel (that includes transporting the crude to refineries). For Russia it costs around $30 to produce one barrel of crude from the onshore deposits (including transport). For the arctic reserves, the production cost excluding transport is $120 per barrel. So it is not right to group all the deposits together. It may give an impression that Venezuela will benefit the most in future, but the cost of production there is manytimes what they have in Saudi Arabia.

You misunderstood the key point a little - I wanted to say that the income received from one and the same resource (oil, even with a different cost price) cannot always be used wisely! Whatever the cost of production in the Russian Federation, for the period from 2000 to 2018 the budget of the Russian Federation received several trillion dollars !!! (sources are readily available in the public domain) For that kind of money, the country could implement a huge number of projects within the country, raise the standard of living, and at least gasify the houses of its citizens! If you don't know - in the Russian Federation, being the largest gas supplier to the world market, more than 40% of the residential sector is not supplied with gas! They could also develop a technological niche, at least follow the path of purchasing technologies to create a foundation for further growth. But all they did was a pitiful parody of Silicon Valley - Skolkovo, where hundreds of billions of rubles were stolen. The output is nothing significant or deserving minimal attention. During this period, no new schools were built, but their number, on the contrary, decreased! At the beginning of 2000, there were schools in the Russian Federation: 46 thousand, now, in 2021, it has decreased to 24 thousand! Medicine fell into decay, and the reforms turned out to be a failure - the number of medical institutions and the quality of their work significantly decreased! The retirement age was increased, social funds were reduced.
 
But for example, Norway in recent years has created the National Welfare Fund of Norway. With reserves of over 1 trillion EURO! No, they didn’t set up palaces all over the country for their president, they didn’t surround themselves with a half-million, tame, national guard, to protect themselves from their own people!

And the United Arab Emirates, over the past decades, from desert settlements have turned into the most technogenic and developed megacities! At the same time, they invest this money both in the population and in the technologies of the future!

And in the state of Alaska, every citizen of the state receives an annual supplement from the sale of oil, and part of the funds goes to the development of the state's infrastructure ...

I'm sure this will make the main idea that I wanted to convey clearer?

Well, about prices, production costs.
I agree that Saudi Arabia has the lowest production cost. But in Iran and Iraq, it does not differ much - $ 9 and $ 10.5 per barrel - so what? Is it also wonderful to live there like in Saudi Arabia?
But in Norway it is generally $ 30 / bbl. and the most difficult conditions for offshore oil production! Can I tell you about the quality of life in Norway?
By the way, I disagree on the estimate of the cost of oil production in the Russian Federation - your data is greatly overstated! Official data in Russia - the weighted average cost of production is about $ 18 / bbl, or from $ 9 to $ 20, depending on production sites and infrastructure. This is according to the official statements of the Deputy Head of the Ministry of Energy of the Russian Federation, Pavel Sorokin, in 2020, which you can easily check in open sources ...

[bryant.coleman]

^^^^ Norway is the perfect example for how the oil revenues need to be spent. They have more than a trillion USD in their rainy day funds (and the total population is less than 5 million). None of the other countries had that much success in dealing with the oil revenues. Regarding the UAE, I would say that they fared relatively well, but then wasteful projects such as the palm islands cost them a lot of money. And on the other side of the spectrum we have countries such as Nigeria and Angola, where almost 100% of the oil wealth was stolen. The situation in Russia is not that bad, but they have fared poorly. The government is yet to kick off its Soviet hangover, and is spending huge amounts of money every year on foreign grants and defense. Not a good idea when a large part of the population is living in poverty. And obviously oligarchs were able to steal a large part of the oil revenues.

[DrBeer]

^^^^ Norway is the perfect example for how the oil revenues need to be spent. They have more than a trillion USD in their rainy day funds (and the total population is less than 5 million). None of the other countries had that much success in dealing with the oil revenues. Regarding the UAE, I would say that they fared relatively well, but then wasteful projects such as the palm islands cost them a lot of money. And on the other side of the spectrum we have countries such as Nigeria and Angola, where almost 100% of the oil wealth was stolen. The situation in Russia is not that bad, but they have fared poorly. The government is yet to kick off its Soviet hangover, and is spending huge amounts of money every year on foreign grants and defense. Not a good idea when a large part of the population is living in poverty. And obviously oligarchs were able to steal a large part of the oil revenues.

Well, that's exactly what I wanted to convey the idea. Although there is one more nuance - income diversification. If the same Norway forms its budget, and oil revenues are sensitive but do not have a critical weight. This means that a sharp change in the situation in this specific market will not drop the country's economy. And many countries such as Venezuela, the United Arab Emirates, the Russian Federation - have a critical share of oil revenues in the budget. Venezuela and the UAE, if I am not mistaken, filled the budget with oil revenues up to 70% +/-, the Russian Federation - from 30 to 40%. True, the UAE uses the head for its intended purpose - they think and are engaged in the diversification of the economy. And the two remaining countries use their heads just to eat and talk. Therefore, the UAE has laid a good foundation for the future, while Venezuela and the Russian Federation are smoothly (or not smoothly) watching the irreversible plunge of their economies into chaos.

[uneng]

The oil industry moves unthinkable amounts of money in the world which goes directly to the pockets of the establishment's members who rule their local societies on the backgrounds. That is the reason why electric cars and similar technologies are never fully implemented or opened to everyone for an affordable price.
Oil was indeed black gold many years, but it shouldn't remain like this anymore, because it's already possible to replace it, if there was legit interest from governments, businessmen and bureaucrats.

However, modern slavery is more profitable for them, as renewable sources of energy turn people less dependent, just like bitcoin and financial system correlation, so oil will last as black gold for a long time yet.

[perfect999]

Crude oil is very important today, because most of the machines used by humans still use fuel oil. Therefore, the middle eastern country which does have quite a lot of oil reserves, is now indeed a rich country. But the limited amount of crude oil, makes people think about looking for other alternatives. Moreover, the use of oil as a fuel can damage the environment, so slowly several large countries began to switch to using electricity.
So in the future the possibility of oil is no longer important, because everything will use electricity. Therefore, a country that has a lot of oil reserves, if not put to good use of the money from the sale of crude oil, in the future will not be a rich country anymore.

The limited part is not really a big problem because even though there is a limited supply of oil in the world, there are still enough out there that we could actually use it for decades, I mean we literally find more oil than we ever need every single year, there was a poind during last year’s pandemic moments where oil became negative price, yes that’s right you had to pay to own something and then pay to keep owning it instead of being able to sell it, you had to pay to sell it instead of getting paid.

These are all huge things in the oil world that proves that oil is not lacking in amount. However, the fact that it is killing the world for us is the thing we should be looking at, in 50 years world will not be a place where humans can survive this easily, our life will become a whole survival movie and even water will be a commodity we will need, we can survive this only if we move to renewable energy and pollute the world less.

[Lubang Bawah]

Oil along with money is very important to improve the economy of the country oil is used in many daily activities of human beings fuel oil plays an important role in world politics countries that fuel the united states have doubled their oil production but now it is doing less. The main reason for this is that the united states has found large reserves of oil stored in shale wells.

Oil has made many countries invade other countries, it cannot be denied because the need for oil is life for humans, almost all economic activities always require oil so it is natural that oil is the world's first need.

[bryant.coleman]

Well, that's exactly what I wanted to convey the idea. Although there is one more nuance - income diversification. If the same Norway forms its budget, and oil revenues are sensitive but do not have a critical weight. This means that a sharp change in the situation in this specific market will not drop the country's economy. And many countries such as Venezuela, the United Arab Emirates, the Russian Federation - have a critical share of oil revenues in the budget. Venezuela and the UAE, if I am not mistaken, filled the budget with oil revenues up to 70% +/-, the Russian Federation - from 30 to 40%. True, the UAE uses the head for its intended purpose - they think and are engaged in the diversification of the economy. And the two remaining countries use their heads just to eat and talk. Therefore, the UAE has laid a good foundation for the future, while Venezuela and the Russian Federation are smoothly (or not smoothly) watching the irreversible plunge of their economies into chaos.

For Russia, the figure that you mentioned (30%-40%) is just for crude oil and petroleum products, right? I suspect that if we add natural gas as well, then the numbers will be close to 50%-60%. And these two needs to be grouped together, because the natural gas prices are closely linked to the crude oil prices (with a lag of around 6 months, I guess). But it is a shame that the Russian economy is not diversified. They are the largest country in terms of surface area and has enormous amounts of mineral deposits. On top of that, they have huge swathes of arable land (most of which is unused). It is tragic. Irrespective of whatever deposits you have, all of them are useless if the country is being ruled by incompetent people.

[bosede1]

The oil being mentioned accrued to money, so you can actually say that oil is money. You can just source your money from other means but in my country oil brings in more money for the government.

[DrBeer]

Well, that's exactly what I wanted to convey the idea. Although there is one more nuance - income diversification. If the same Norway forms its budget, and oil revenues are sensitive but do not have a critical weight. This means that a sharp change in the situation in this specific market will not drop the country's economy. And many countries such as Venezuela, the United Arab Emirates, the Russian Federation - have a critical share of oil revenues in the budget. Venezuela and the UAE, if I am not mistaken, filled the budget with oil revenues up to 70% +/-, the Russian Federation - from 30 to 40%. True, the UAE uses the head for its intended purpose - they think and are engaged in the diversification of the economy. And the two remaining countries use their heads just to eat and talk. Therefore, the UAE has laid a good foundation for the future, while Venezuela and the Russian Federation are smoothly (or not smoothly) watching the irreversible plunge of their economies into chaos.

For Russia, the figure that you mentioned (30%-40%) is just for crude oil and petroleum products, right? I suspect that if we add natural gas as well, then the numbers will be close to 50%-60%. And these two needs to be grouped together, because the natural gas prices are closely linked to the crude oil prices (with a lag of around 6 months, I guess). But it is a shame that the Russian economy is not diversified. They are the largest country in terms of surface area and has enormous amounts of mineral deposits. On top of that, they have huge swathes of arable land (most of which is unused). It is tragic. Irrespective of whatever deposits you have, all of them are useless if the country is being ruled by incompetent people.

Here you have correctly noticed - if you take also the sale of gas for export, you will get approximately the same figures that you indicated.
Regarding "it's a pity that the economy is not diversified" - I recently wrote in my post that it so happened that not everyone uses the brain for its intended purpose. For some, the goal is to steal, degrade, lie at every step, and at the same time continue to fundamentally degrade. Russia has never been an adequate participant in the world community, even during the time of tsarist Russia, even though being the RSFSR (with the USSR), even now Read about the global degradation of the foreign economic position - from losses in the resource market to reputational losses in the arms market (2 article after sales of hydrocarbons). Moreover, the losses in the arms market, the loss of customers are associated with the disclosure of a systemic lie about "technologies that have no analogue" in the RF military-industrial complex and its products. The problem came from where it wasn’t expected. If you know, over the last century, the Russian army (using supposedly high-quality weapons) has never fought against at least more or less serious opponents. All their confrontation is aggression against those who are guaranteed to be much weaker, where it is guaranteed that you will not receive a serious answer. So, as soon as the Russian army found itself in opposition with serious opponents (in Syria, Libya, Azerbaijan they were opposed by Israel, Turkey), it turned out that all this vaunted Russian weapons had no efficiency and could not perform their tasks efficiently. The market reacted instantly - the rejection of contracts. Only after a couple of years, the military industry of the Russian Federation lost more than 10% and the trend for a further decline continues. This is a sad reality, although an illustrative example is when the rulers think only about their own personal benefit ...

[jaberwock]

^^^^ Norway is the perfect example for how the oil revenues need to be spent. They have more than a trillion USD in their rainy day funds (and the total population is less than 5 million). None of the other countries had that much success in dealing with the oil revenues. Regarding the UAE, I would say that they fared relatively well, but then wasteful projects such as the palm islands cost them a lot of money. And on the other side of the spectrum we have countries such as Nigeria and Angola, where almost 100% of the oil wealth was stolen. The situation in Russia is not that bad, but they have fared poorly. The government is yet to kick off its Soviet hangover, and is spending huge amounts of money every year on foreign grants and defense. Not a good idea when a large part of the population is living in poverty. And obviously oligarchs were able to steal a large part of the oil revenues.

It is not about just oil reserves, Norway is a nation that cares for its population and that is why they are doing so much better. Saudi Arabia kings make money and they spend it on awesome stuff for themselves as well, just check the royal family and what they own, the whole family, and you will realize that they "could be" richer than all of Norway, because we are talking about a nation that has a royal family that only enrich themselves and let everyone else suffer.

On contrary to that Norway does everything right, get money? Spend it on education for kids, got money? Spend it on healthcare, still have money left over? Put it aside for any need in the future such as pandemic for example. Long story short if you are a decent nation with politicians caring for its citizens then you are not going to end up with anything that is hurtful to anyone, and oil will be a bliss instead of doom.

[Sithara007]

The oil being mentioned accrued to money, so you can actually say that oil is money. You can just source your money from other means but in my country oil brings in more money for the government.

Oil plays an important role in economic life. almost all areas of the economy require oil for various purposes, and usually oil-producing countries are prosperous countries, especially when the country is led by wise officials.

Apart from the Arab countries and some of the smaller nations such as Brunei and Trinidad , none of the oil producing nations are doing well. I am talking about nations such as Nigeria, Angola, Iraq and Venezuela. In some cases, these countries are in a poor state even when compared to oil importing countries. I would say that only a minority of the oil producing countries have benefited from these natural resources. In most of the cases, the oil deposits have become a curse just like the case with Libya and Iraq.

[DrBeer]

The oil being mentioned accrued to money, so you can actually say that oil is money. You can just source your money from other means but in my country oil brings in more money for the government.

Oil is the most important need in life today, there is no activity from agriculture to industry that is free from oil, of course it is natural that oil is more important than money, because without oil money will not be valuable.

I disagree. I have another thought - there is nothing in industrial production that does not use electricity and metals! Can you dispute? There is no need to make a fetish of oil ... Oil in one of the sectors of the world is already actively losing ground - motor transport. In the coming years, many auto manufacturers will jam a small or significant part of their products into electric cars, and some countries simply prohibit the sale of passenger cars with internal combustion engines.
Plus, electricity generation using renewable and "green" technologies is becoming more and more available for mass use, and is constantly approaching the volumes generated by nuclear power plants. Yes, natural hydrocarbons are fuels and plastics. But plastics aren't just made from oil. Now a huge amount of waste from hydrocarbons has accumulated, the processing of which can become a source of production of a significant part of plastics. Plus, "non-oil" plastics and their analogues have appeared.

[Sayeds56]

Here is Why...
USA Control oil so USA have all power.
Some People Say China wlill compete with USA and Even like war.
I Tell You this...
To make war You need crude oil.  Without oil You cant do nothing
Even China production is mostly plastic what they export so to produce plastic You need crude oil.

Oil the Black gold.

There is no way anyone can stand against USA and USA dollar becouse by the numbers probably China India russia can Win over USA but for that they need oil... And who Got the all the oil?  
USA have it so until they Control oil the USA dollar remain king and future of New digital dollar development  as USDC and USDT  are just the small steps to make dollar great Again.

And look at bidden His the most smartest most strongest president with high diplomatic skills

Putin use to be Second serious president After Trump but now bidden Will Form world one one world government and bidden with USA dollar is Going to be king.

Im not on biden side or anyone I just tell how the things are.

When was g7 meeting we saw that bidden was Only strong Leader There like a boss.

To see that the biden are strong president we see that nobody willl take power of USA away.
Even China Will try with war...  But its Impossible USA have power over world oil and to get oil You need USA dollars and USA dollars u get it From USA Only

Not only USA, Russia and Saudi Arabia are also Major players of Oil Market and  controlling supply of crude oil. USA is actually manufacturing oil by using Shale oil technology which is very costly process  whereas Saudi Arabia and Russia are floating on Oil lakes so obviously its production cost is much much lower. The problem of USA is Huge debt which is very bad for the dollar in the long term and it will certainly reduce the value of Dollar in coming months and years and American economic growth is very slow compared to China..

[conected]

The oil being mentioned accrued to money, so you can actually say that oil is money. You can just source your money from other means but in my country oil brings in more money for the government.

Oil is the most important need in life today, there is no activity from agriculture to industry that is free from oil, of course it is natural that oil is more important than money, because without oil money will not be valuable.

- Well, industries as well as many other fields really always need an extremely large amount of oil and this resource is also gradually depleting, only a few countries have an abundance of oil resources, experts have also estimated the duration of this depletion and are building alternative resources, so we might think that oil is important right now but its place in society in the future will be much lower. But research and replacement requires many processes and in that time, oil price wars will still be very strong for countries to seek the greatest benefit for them.

[suzanne5223]

Oil is the most important. Without oil, we'd have a transportation crisis. Folks will not be able to move their cars, motorcycles, trucks, trains and planes from point A to B. It would be Hell.  Without Oil, the world's electricity will be gone and people live in total blackouts.

There's no denying that the US controlled oil but I don't agree that oil is the most important thing or without it, there will be a transportation crisis and no electricity because we're in the 21 century where new innovation technology are introduced every day.  Besides, with electric vehicles created by Tesla and some other ideas that will be developed, it is only a matter of time before oil depreciates in the market

All natural resources have various benefits including oil. But for the 21st century, as you said, everyone is already in the industry of economic growth with various innovations that almost every second emerges experts who offer other types of alternatives. So that the presence of oil is transferred to other sectors.

Thats the point and this is what I am trying to tell people on this thread some people choose to argue about the opinion. Besides, the world shouldn't depend only on oil and gas as a means to fuel transportation if we want a healthy environment with less or no carbon emissions.
This will also limit or stop the false calm of the government about crypto mining carbon emission.

[jaysabi]

The oil industry moves unthinkable amounts of money in the world which goes directly to the pockets of the establishment's members who rule their local societies on the backgrounds. That is the reason why electric cars and similar technologies are never fully implemented or opened to everyone for an affordable price.
Oil was indeed black gold many years, but it shouldn't remain like this anymore, because it's already possible to replace it, if there was legit interest from governments, businessmen and bureaucrats.

However, modern slavery is more profitable for them, as renewable sources of energy turn people less dependent, just like bitcoin and financial system correlation, so oil will last as black gold for a long time yet.

Petrol is incredibly energy dense and and really offers an excellent combination of efficiency and utility for the amount needed, so it's no wonder that oil became the dominant source of energy on the planet.  All modern economies were built on the utilization of oil.

[Vaskiy]

Oil has got a very big history. It is not USA, China, Russia or India. There are more other countries that have grown out of oil. In the past fake demands were made by the countries that produce majority of the oil. Through the oil several countries and millionaires have grown big. Now few of those countries are facing its hard days of economic situation. Another thing the world is moving for an alternate solution for the oil usage. Oil won't be in that demand after few years.