Oil producing countries experiencing hardship.

[livingfree]

They're not having hard time but instead, they're the ones predicting the entire world if we're going to have series of more inflation or they'd setup something together with the FED.

Is it that these natural resources are not enough to keep us going?

They are natural resources but they're limited and that's why we can't keep with them forever. But there must be a way for them to find a way to keep on producing and digging the lands.

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value,  and people still depend on crude.

Not irrelevant at all. If you're talking about cars, yes, cars are the most consuming of oil products but producing electricity also requires oil/crude from the facilities that generates it.

I mean some if not most of them.

[oktana]

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value,  and people still depend on crude.

The value of crude has indeed fluctuated over time, but Who said that crude isn’t still valuable? Despite hydro energy and even solar energy becoming increasingly important, crude oil still plays a really important role in many economies. And also, countries should know to diversify as well. What I am saying is that there are many sustainable energy solutions, investing in them is a better move and not just in crude oil.

[SatoPrincess]

Where did you get this information from? OP you’re making an unwarranted assumption, most likely an assumption based on your experience in your home country. I read the OP and can’t help but think about the economic situation of my country, despite being blessed with natural resources we have not been able to maximize our economic potential.

[Stepstowealth]

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

The abundance of these natural resources has darkened the heart of some people and turned them corrupt that they want the wealth that the resources bring all to themselves and family, wealth is no longer equally distributed, and the reason why people will always be in these country and experience hardship.

The middle is a good example of how a place should be flourishing with good oil resources and sincere leaders, it is not like the people who are in charge were not tempted to monopolize this, but they were able to overcome this corruption and ensure that wealth got equally distributed since the oil should be a blessing to everyone in the country.

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value,  and people still depend on crude.

Hydroelectricity and other forms of power are only creating alternatives for dependence on oil, it doesn't make oil irrelevant.

[adaseb]

Yeah I agree with many posters above. I don’t see this happening anywhere. Right now barely anyone drives EVs. Nobody is buying them anymore actually. The adoption to EVs is extremely slow and it will take a decade at least to make a serious dent on crude oil.

Crude oil is not trading near ATHs but it’s also not cheap either. In most areas gasoline is near ATH compared to last Summer. There is no way these oil exporting countries are facing hardship. Even Russia with all its sanctions is still doing fine.

[|MINER|]

It is very depressing. When your country has a natural resource but it is not developed. But there is nothing to do. Due to lack of adequate maintenance many times valuable resources are not properly utilized. Also due to apolitical influence the country does not get the fair value of the natural resources. Many countries have  Victim of non-politicization. As a result of which the country cannot make proper use of natural resources even after having sufficient amount of natural resources in that country.

[Crypto Library]

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value,  and people still depend on crude.

The main point is that the world's industrial revolution or any kind of revolution never depends on only one source for the rest of time, time goes it also goes on and gradually improves itself and make another revolution with another sources.
And the future era is coming with the revolution of renewable energy sources and this is why if you see most of the Middle East countries are currently reducing their dependency on crude oil and building tourism cities, business cities. And the countries which are not moving away from their dependence on crude oil within the next 20 years, then their economic condition will be terribly worse in the future. because recently I have seen a report that moreover 40% of share of the car market is going to be held by electrical after 2030

[Riginac111]

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value,  and people still depend on crude.

the element of what you are saying that causes all this problem in this country's that have a crude oil is because of lack of management and the enrichment of a political class alone because any civilized country cannot face economic challenge when they have a natural resources that can make them to be well civilize and also solve their economic problem so the problem this countries you mention are having it is because of bad leadership that exist in the means of politicians

[wxa7115]

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value,  and people still depend on crude.

If a government is experimenting economic problems when the only thing they have to do is to dig a few holes on the ground and earn money with what they get out of it, this tells me that whoever is in charge does not really know what they are doing, and they are either mismanaging their resources, stealing the money generated this way or both.

Because even if renewable sources of energy are being pushed all around the world, it is not as if our dependence on oil will disappear, since plastics, medicines and other products are derived from oil.

[peter0425]

They are natural resources but they're limited and that's why we can't keep with them forever. But there must be a way for them to find a way to keep on producing and digging the lands.

We are domed if we use all of our natural resources. This may have some serious environmental consequences and no digging up for more isn’t what we are supposed to do. We need to start thinking of other ways to have resources but using sustainable ones for example sunlight, water and air. Our technology is advancing and I believe we should instead focus on that.

[Jegileman]

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value,  and people still depend on crude.

This your claim is invalid because it has no facts to back it up. They might be low sell and demand for crude oil now since alternative sources are been found for the consumption of crude oil but that doesn’t mean it has depleted and their are no enough oil in reserves. The demand of crude oil till date can’t be compared to any and those countries are still making billions in this business. With what crude oil is been demanded for today, in century to come, the world will still be in need of crude oil.

All other sources can’t be dependable for that long and the main source of them can as well be inaccessible at some point. One thing with crude oil is that, it continues to flow beneath the soil, it can only flow to another region but cannot be drilled completely from the bottom of the soil forever. Demand for crude oil hasn’t gone down and those alternate source for crude oil don’t have enough products for them to be consumed on.

[blckhawk]

With how abundant crude oil is, I think that we're not so far off to think that we're going to be fine energy wise and it's not crude oil that we're using to power our homes, it's mostly fossil fuels and hopefully more nuclear energy so your concern is valid but a little bit misplaced. The problem with crude oil is that it's going to be a big contributor to pollution but the problem is that we don't have any valid replacement for it that's efficient, less toxic to humans, and create lesser if not no amount of pollution. I don't believe that oil producing countries are facing hard times though, maybe those that haven't complied with the USA are having a problem but other than that, it's going smoothly for them I believe.

[btc78]

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

What do you mean? I think oil is still very much a valuable commodity and lots of countries who can produce oil pretty much have huge impact on the overall global economy. When there’s some kind of crisis among countries who produce oil, the rest of the world seems to be in a standstill as prices everywhere increase. So I think they are still doing good with oil but there’s just a lot ot other factors they have to deal with at the moment.

[leonair]

This situation is bound to happen and will become even more dire in the future for the Middle East countries that depend exclusively on natural oil to run their economic systems. Because it is also true that the number of battery and electric powered cars is going to increase in the future, already many big companies have started testing using hydrogen in their new production.  And it is definitely going to increase in the future.

[Dzwaafu11]

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value,  and people still depend on crude.

I disagree with this, because I have not heard any news or come across something like this—that a country producing crude oil is suffering economically, or is your country producing crude oil and still suffering economically? Because I still see crude oil as having a huge impact on a country's economy, it makes a country wealthy and has enough ways to get money and make things easy for their country, unless the government of such a country is bad, because even if there is crude oil and the government and citizens misuse or do not value it, as we are saying, that is another impact on the country's economy, and I can say that is when they are suffering.

However, hydro and electricity cannot replace crude oil soon, as you are saying. because if you compare hydro and electricity, people who use them are just a little bit people, though it will increase in the future, but understand that it is not only fuel (petroleum) we get from cruise oil; there are other things that are useful to make things easy for a country, so I don’t think you have a legit point here. Countries that get crude oil are not suffering economically.

It is very depressing. When your country has a natural resource but it is not developed. But there is nothing to do. Due to lack of adequate maintenance many times valuable resources are not properly utilized. Also due to apolitical influence the country does not get the fair value of the natural resources. Many countries have  Victim of non-politicization. As a result of which the country cannot make proper use of natural resources even after having sufficient amount of natural resources in that country.

Yeah. This is another valid point, and I also think it will be a continuation of what the OP is saying because when a country does not value their natural resources to make things easy for them, they will definitely suffer, as the OP said earlier, and this has happened to some countries, though most of them are due to how their government operates. If the administration is corrupt, then this will happen.

[Miles2006]

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value,  and people still depend on crude.

The issue you mentioned about hydro and electricity physics and chemistry related is not accurate, although countries depending on crude oil only will not gain value and if you want to compare during the past don’t forget population will increase massively and development will take place. Nothing happened to natural resources but, mono-product economy can affect the growth of a country whereby a country only depend on just one source like crude oil meanwhile there’s a lot to settle, allocation, infrastructure etc with all the bad leaders taking loan when not even necessary. I feel the need emphasizing on poor economy structure (mono production) with bad leaders cause crude oil can’t fight everything but if a country source of wealth comes from different angles I believe things will look more better.

[God bless u]

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value,  and people still depend on crude.

We can't say that the usage of oil will be vanished from this world but yes it will be greatly effected in the coming decades. The new world is now shifting towards the renewable energy sources and fossil fuel usage are being greatly influenced by this approach.

The oil exporting countries should now sense the danger like Saudia already did, they shifted to tourism and they're still trying hard.

[Darker45]

Crude remains highly relevant today. And I can't see crude oil becoming irrelevant in the foreseeable future. Hydro can't replace crude oil. Electricity can't fully replace crude oil either. Even in vehicles, I don't think electricity can fully replace petroleum fuels, which are products made from crude oil.

Every country has its own hardships. That includes oil producing countries. But this isn't because crude oil, on which their economies are highly dependent, is becoming irrelevant.

[retreat]

So far I have not found any news that says that the crude oil industry is currently experiencing difficulties. Because currently we still have quite a lot of oil reserves and exploration is still ongoing, so until renewable energy is sufficient for future needs, the crude oil industry will not lack resources. And as for the hydro industry, as far as I know it is still not enough to cause problems for the crude oil industry, since its development is still limited to a few areas. Indeed, in the future it will continue to be developed together with other renewable energy industries, but for now it has not reached a level that threatens the crude oil industry. I don't know where you got this information, but it seems the credibility of the source you read needs to be questioned.

[mvdheuvel1983]

Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges.

They are facing economical challenge because they do not know how to utilize the resources that they have. They're either been oppress out of their resources or corruption is making only a few set of people to benefits from the national resource. Other countries are using the excuse of wars to steal their oils without them knowing. If you can utilizes your oil resource well you'll be wealthy. Countries like Qatar that have only crude oil has utilized it to the extent that they're among the richest countries in the world. Crude oil isn't losing any significant because the renewable energy can't sustain the earth like how crude is used for fueling.

Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?

Crude oil is still valuable, the price is increasing always and making the nations that owns crude oil rich because when crude oil is discovered in any country and they make use of it well they'll be among the top riches countries in the world. Apart from the countries that don't know what they have or have the resources to get the most out of crude oil, the rest that knows the value are all rich so crude oil is still significant in the world.

Oil itself is a treasure and blessing to any country that owns it especially the state that it's located, the problem is not only the utilization because the government of those countries knows how to utilized the money but they misappropriate the funds pretend as if they are doing good to the nation, this is more reason why it is better for countries that practice true federalism, the state manage their resources and pay a particular amount of tax to the federal government, in some country different stories all the time, government don't come clean to tell their citizens how much is been made from oil revenue instead the embezzle the money and do whatever that pleases them.

What you said is true, other countries have use war to reck many countries, sometimes too they sign agreement with them to drill the oil for some years to give them ammunition and manpower to fight too, since the oil is their in abundance, the countries that owns them won't say know but unknowingly to them that they are doomed.