No company anywhere is going to voluntarily stop selling their oil, but if demand for oil drops due to other technologies, like hydrogen powered vehicles, then their sales will drop. There will always be some demand for oil for uses that don't include burning it, like pharmaceuticals, cleansers, lubrication, etc.
It used to be good business to pick up natural ice and store it and transport it thousands of miles. The business finally went away after world war 1. That same thing will happen to oil.
@@weird-guy The "green" transition needs a major technology breakthrough. Trying to go exclusively with scaled-up wind and solar would probably have worse environmental impacts than just sticking with fossil fuels. Not to mention cratering the economy.
@mike1831 We Columbians aren't going to quit oil anytime soon, in my humble opinion. However, we'll get more of our energy from renewable sources for certain. Oil 🛢️ is too precious a resource to be burnt. We need oil to lubricate the world literally. Coal is too polluting to use worldwide so yeah, we are phasing out of coal and phasing in renewable energy sources. In electricity generation (which product I consider to be the most precious form of Gibbs free energy available,) renewable energy has already surpassed coal. Reducing using coal will have the most impact on greenhouse gas emissions as well as improving human health and well-being in Second World countries. We Columbians can reduce oil usage gradually by transforming our social institutions. I have commuted decades with burning a lot of oil products just to move from an electricity source at home to sit near an electricity source at work. 😂
It is silly to think that the oil companies have to go green. Others have to provide alternative, consistently reliable and affordable energy sources, which means the energy companies lose their business. There must therefore be alternatives to the many materials that can be made from oil. Until then, at least another 30 years, the oil, coal and gas companies keep the world running. They make it possible for you to protest where you want.
Oil is not necessarily only an energy source, but also a staple material used in other industries. Should the world successfully pivot from fossil fuel to cleaner energy sources, oil is still likely to remain as materials to other industries, if not cheaper, as there would be less demand from the energy side.
Oil can't be replaced by new modern energy technologies. Impossible. These technologies will be never as affordable as oil and natural fossil fuel 😊. I
Good video overall but a major thing that was ignored is that oil has so many uses beyond just energy. Renewables are primarily electricity, not the many other uses of fossil fuels, including industrial steam. The latest generation of nuclear reactors show promise on this front.
Only Europe dream of overnight transition. Europe itself still uses Russian gas today despite "sanction." Worst, Norway is applauded for doing what Saudi is doing, so why the double standards or rascism
Norway is the founder of NATO and a member of the EU. Saudi Arabia is an ally of the U.S.A. which has extraterritorial violations of human rights executed abroad. It's neither double standard nor racism. If Saudi Arabia behaves in the same way as Norway does, we Columbians will look up to Saudi Arabia in the same way we do Norway ! I admit that Saudi Arabia was correct in its regional assessment insofar as Iraq and Yemen are concerned but we Columbians chose some rather drunken or dopey leaders for sure ! 😢
I noticed an error that need to be addressed. 12 minutes into the show, the lady was talking about why Biden ask the Saudis Not to drop production by 1 million barrels. The lady said it does not make sense since US is the world top producer. Of course, it makes sense. When the supplies reduced worldwide. The price of oil is interconnected. 😊
Unfortunately, I also noticed a decrease in the quality of content, I think due to the economic crisis in Germany.. this TV channel does not have enough money to hire experienced journalists
not only that, but also she is stating that the US Is the biggest oil producer... forgetting that the US Is also the biggest oil CONSUMER 😂 so when she says that, she is overlooking the impact and leverage Gulf countries have on oil markets
Biden is still of the mindset from decades ago when the U.S.A. was highly dependent upon *CHEAP* oil 🛢️ but the truth is that over the decades we've already made our economy much more *RESILIENT* to an oil price -increase shock. This row with Saudi Arabia and the diplomatic debacles with Saudi Arabia and Venezuela were entirely unnecessary. That's what we all get with our great-grandfatherly paternal paternal paternal leaders who like to grabble at thingy. 😤
I was expecting the commentary at the 6:15 mark about "demand coming from elsewhere" after the US, China, Europe, and others electrify their transportation sectors. Maybe India will have the money to pay for large scale oil imports but it is unlikely that Cameroon and such countries will suddenly become rich enough to buy lots of oil and buy cars.
China is electrifying its transportation sector with coal, they are doubling down on new coal plants, and forming the future of China's energy towards coal.
As a Kenyan I can say this * supply will always meet demand* Its not those who supply but who demand should be made pay for the damage . EUROPE AND CHINA should do more if they wants have moral on this
That's the thing. Europe is always expected to act as the responsible person of the planet. If for example Africa can't get to their goals on their own, Europe is expected to help them. Meanwhile China doesn't do anything that doesn't immediately benefit them. Africa would be in a position to do something, but the corrupt governments are stealing all the little wealth that's generated and preventing any further development. Then there are the religious militia groups waging war on whomever they see fit. On top of that, the climate change is affecting Africa and other least developed regions the heaviest, so you can draw your conclusions from there.
There are some very naive points in this video. The US doesn't have total oil pricing control in its territory, because oil is not produced by state-owned companies, it is produced by private companies, mega large and mega small, that would incur big opportunity cost losses if prices were fixated by the government. Also, shale oil is much more expensive to extract and has thus much lower margins. Many small produces went bankrupt in the US when Saudi Arabia declared a pricing war on them. Of course Saudi Arabia has pricing control of oil in the US and of course the US has a big incentive in protecting Saudi's oil production militarily. If Saudi's production goes offline, prices would soar and the entire world would enter a big depression. Please do your homework. You are not casual RU-vidrs.
The main naive point is that oil producing countries will be shifting to renewables at some point. The only way they can regrain from using oil is to replace it with nuclear power which we can see going on.
Is making and keeping human slaves that are marketed as part of a society that is depressed something thats not happening now? What if cavemen were far better off than you?
Well logical that oil countries are the last to wanting to transition. By then its too late for them. The reason why they don't want to transition is because 93% of their economies are based on oil. So every year that Europe + China + other regions are transitioning 1-4% to green energy, is a year where oil and gas will become a smaller market. And in 2050 Europe is completely energy transitioned, and China by 2060. So sooner or later 93% of oil Arab states income will be wiped out. It will be disastrous.
You fail to understand how reliable oil is compared to any other technology. 1000 kg of electric batteries have the same power 5kg 3.5 liters of gasoline
@@InGODweTrust007 Batteries make huge improvements in many ways, not just from existing elements but from new elements that are far less rare to use. Also the weight to energy storage ratio is almost getting to the point that we can store the required energy in relative less weight to use for electric planes to fly. And that is one of the harder problems to fix. Europe's average energy transition is 25% today with Sweden leading a 60%. Point is. Green energy will replace fossil fuels for atleast the extreme majority. And fusion will do the rest. Japan, EU and China is very far in this.
Even by the European’s own estimates there’s no way they will be completely transitioned from fossil fuels by 2050. And that’s not really even the goal. The goal is net zero which is also not very likely.
Biggest hurdle in Renewable Energy is none other than America. Keep in mind america is mostly control by oil and arms companies. USA is the biggest oil producer in the world, oil transaction are done in dollar so oil also guarantee dollar dominance so america is not going to abandon oil so easily
Germans constantly avoid talking about Nuclear Energy and their mistake to close their NPPs. Oil producing countries couldn´t be happier about this German decision.
Never trust a nation to keep their promise when the stated goal is decades away. The energy transition will happen eventually, but not on the timescale that politicians have laid out. Europe wants to go green by 2050? More like 2070 or 2080. Emerging markets in Africa and Asia will keep the oil fields alive, but maybe for another two or three decades before we start to see peak oil demand. Everything the EU promises will happen, just multiply the timetable and costs by 2x.
Authoritarian countries stick to their stated national goals more often than democratic ones where plans change with elections. That's why the dates set for their transition is farther away as their more realistic outcomes then Western countries.
Am I the only person on the planet that knows that we do a lot more with oil than burn it for energy? We're still going to need oil long after a successful transition to green energy.
No, you are not. But electricity production is a major part of carbon emission. And greening the electricity production opens up new opportunity to remove oil from other processes like industrial heating.
"A lot more" is an overstatement, as one can see by the distribution of oil demand per sector. Statista data for 2022: Road transportation: 49.24% Petrochemicals: 12.12% Other industry: 10,89% Residential/commercial/agricultural: 8.5% Aviation: 7.41% Marine bunkers: 3,27% Electricity generation: 3.05% Rail & domestic waterways: 1,53% Roughly 3/4 is used to burn for energy, mostly for combustion. Of which some are not easily replaced in the medium near future. Further clarification: Petrochemicals: This sector includes the manufacturing of plastics, resins, and other petroleum-based products. Residential/Commercial/Agricultural: This sector includes oil demand from households, businesses, and agriculture (machines). Other Industry: This category typically includes all industrial sectors that are not explicitly mentioned. It can include a wide range of industries such as manufacturing, construction, mining, and more. The specific industries included can vary depending on the source of the data. Marine Bunkers: This term refers to the quantities of fuel oil delivered to ships of all flags that are engaged in international navigation. It is the fuel used to power these ships. Bunkering is the supplying of fuel for use by ships. Lastly, peak oil has been predicted too early many times, so we might still see large absolute demand for these sources. On the other hand, Wright's Law - which states that for every cumulative doubling of units produced, costs will fall by a constant percentage - applies to many of the alternatives to fossil fuels. Which may drive demand growth exponentially once certain cost levels are broken.
2 minutes in, and the little history lesson is complete nonsense. Saudi Arabia spends more of its money on education than any European country has ever done. No mention of course about religious fanaticism, instead u get a nonsense line about a "social contract"
Demand will most likely go up long term... Population that can switch to renewables or low carbon alternatives near term ammounts to less than bilion or two. Most of the people on the planet will use oil as their primary source of energy, and the rest that currently live in total energy powerty will most likely profit from lower demand in advanced countries...
Oil companies are making record profits, countries that are supposedly leading the way in the green transition: the USA is the largest oil producer, Europe is expanding infrastructure for hydrocarbons. Who's crazy here? 🤔
Saudi influences the oil market entirely on its own because of its mass reserves and low cost of production. Sure the US has the highest production in the world but it only achieves this through Fracking which is vastly more expensive and the wells exponentially decline in production. So of course this still has a major influence on the US and always will. The fact that DW has a historian (Ellen Ward) giving your viewers incorrect information just shows the incompetence of this channel.
Are u this blind or maybe young so werent around that time? Report is so biased, quoting pre 2008 events as if those were true from the getko. Please just google those events you will get the true info...
It's probably clear that every nation of the world will act in its own self-interest, both producers and consumers. And the individual decisions of each country will largely be based on that nation's level of development, access to financial and technological resources and domestic skill level. For example although the decision what type of power plant to build for an advanced and developed nation is fairly clear because the decision would be driven primarily by economics because every other factor is not scarce or lacking, for a developing nation the lack of various requirements can mean that its decisions will instead be based on what is possible and this often means burning fossil fuels because the requirements of minimal initial cost, lack of complexity and availability of materials are all met. Because the global energy needs of the next 50 years or so will be provided by diverse solutions, no energy source including oil is likely going to die and be replaced by a "better" solution and this means that although demand will eventually drop for fossil fuels, it probably won't happen in our lifetime as long as new markets keep opening up.
Ellen Wald is in the business of pushing oil, increasing carbon emissions which affect all of us. There’s only one atmosphere folks, and renewables and small nuclear plants would be a better solution for India, China, and the multitude of countries and cultures that comprise Africa.
I watch it from Russia, each time they say 'democracy' I laugh a bit, they still didn't get what their political situation is after North Stream? That's so funny. 😅
@@a9503128 Doing without oil is impossible but doing without petroleum is. We in Columbia have soybean oil, corn plastics, biogas, biodiesel, animal fats, etc. which can all displace petroleum at various price levels. There's absolutely no way that it's 1000 years for petroleum at even gradually reducing rate of consumption of petroleum.
Good report but this program fails to realize some main points : 1. Africa produces more oil than it needs. The problem they face is refining and distribution which they're currently solving. In the next 30 years, they'll have the capacity to implement their oil self-sufficiency in necessary industries while others would have transitioned to renewables. 2. There is on-going enormous pressure on countries by Western UN to achieve their 17 SDGs with at least 3 goals focused on moving away from fossil fuel. ESG scores are a real thing and they're globalized already, with governments around the world being forced to implement their own carbon credit score versions. There is no escape from this. In 70 years the gulf will be selling more sand than oil
@@sevenidols607Good point. not to mention that they're produced using fossil fuels. The making of batteries, solar panels and the recycling of both + related components are done by high polluting industries powered by fossil fuels
If it is really economically viable to move away from oil, the world would move away. Govts, have to look a the whole life cycle of the alternatives than the subsidizing of upfront costs and letting people feel the consequences. EVs are subsidized up front, but the insurance costs and the repair costs are much higher and no Govt. looked at them. One would look at all these things when buying an EV or a heat pump. That the reason for Hertz moving away from EVs. Unfortunately politicians re not educated enough in EU to make informed decisions.
why only arabs oil is the problem , where's norway and australia in all of this . also , now providing africa with electricity is not environment friendly ?
China is using worldwide push for green energy to ramp up its manufacturing and economy while at the same time making the world reliant on Batteries and other components produced in China. Why no one is talking about pollution to produce and also to store the waste?
12:05 looks an awful lot like the gas turbine plant in Ribatejo, Portugal. Are you sure it's a nuclear power plant? Hint: nuclear power plants don't have huge smokestacks for exhaust gases.
Coal also played an integral part in shaping the world as we know it. But that's immaterial, there's no good reason not to transition to sustainable alternatives. Obviously the Earth isn't infinite, recycling and green energy are necessary for a sustainable future.
Coal was replaced with oil and gas, both superior sources of energy to the oil. Wind and solar are inferior sources of energy to the oil and gas@@nntflow7058
@@nntflow7058 Have you ever looked at statistics? or is looking into your dustcleaner your source of knowledge. Because the AVERAGE transition in EU to Green energy today is 25% of total energy production. With Sweden taking lead with 60%. In 2050 all of Europe will be transitioned to green energy, and China by 2060 as an example. So really your whataboutism is misplaced. There are major changes happening. A child of 4 can easily research this. yet you didn't. Go educate yourself
Doesn't have to be that way. Electricity is fast becoming a viable alternative. Today electricity doesn't fully replace fossil fuels in all industrial uses but that time is coming, it's typically not an issue of impossibility but of economics and availability.
Despite how hard we try to because "carbon neutral" and reduce our dependence on oil, the power of the pump is and remain "King" ! The rest of the world needs access to cheap energy and we will not reduce our dependence overnight. New oil producers in South America, Africa and other oil producing nations need cash and oil/gas provides that. As long as there is need there will always be a demand. Get use to it world!
DW please do more homework. Saudi Neon "city" is a dumb idea that can't be technically implemented. It is either some investment scam or their government is really dumb.
We should have a global agreement oil should be used in supporting industries that develop green future. In 50years we will have the infrastructure in place then to make world 70% green..
I wonder how much water they are pulling out of their wells in Saudi Arabia. Maybe they're cutting for a reason they'll never admit to, that they can't hold their production anymore.
About 50% of opec oil reserves don't exist at all....about 15% of opec oil reserves are not recoverable.... so only about 40% are available for exploitation.
everything would be great, but in Germany food production is now stopping, and food from other countries will be much more expensive due to the money spent on logistics, and you’re talking about hydrogen..
I think at the same time, DW has discounted the oncoming AI revolution that will change the world in a decade. IF the MUSK dude figures out AGI for driving, then all things will change and thats scary
It's clearly they are in the process of converting their wealth from oil oriented to renewable. Of course theyll maximize oil profits first before changing to renewable. completely normal strategy
The technology to replace hydrocarbons just isn’t there yet. Unless you’re willing to go with nuclear. Lithium ion just doesn’t do what we need to have done.
