The way oil price increases, it scares even oil producing nations who stand to gain from it for now.
Saudi Arabia says the hikes are not justifiable given that the market has sufficient supplies. It is calling for a meeting among oil producing nations, consuming nations and oil companies spanning the supply chain, to discuss how to deal with it.
The Saudi’s official concern is that spiraling oil prices ‘could affect the world economy’. I think they are also worried about how the phenomena could backfire against oil rich countries in the long run.
Everyone is now driven to research and invest in renewable forms of energy. Dependency on oil aside, these alternatives also hold promises of cleaner environments.
One day they might just make oil obsolete.
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Tagged alternative energy, cleaner energy, commentaries, Commentary, current affairs, current news, current news events, environment, fact and opinion, go green, green technology, inflation, international news, news, news sites, news today, oil alternative, oil price, OPEC, opinion, opinion journal, perspective, point of view, renewable energy, saudi arabia, second opinion, world news
saudi arabia’s concerns amidst favorable oil prices
Saudi Arabia says the hikes are not justifiable given that the market has sufficient supplies. It is calling for a meeting among oil producing nations, consuming nations and oil companies spanning the supply chain, to discuss how to deal with it.
The Saudi’s official concern is that spiraling oil prices ‘could affect the world economy’. I think they are also worried about how the phenomena could backfire against oil rich countries in the long run.
Everyone is now driven to research and invest in renewable forms of energy. Dependency on oil aside, these alternatives also hold promises of cleaner environments.
One day they might just make oil obsolete.
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Posted in Commentary
Tagged alternative energy, cleaner energy, commentaries, Commentary, current affairs, current news, current news events, environment, fact and opinion, go green, green technology, inflation, international news, news, news sites, news today, oil alternative, oil price, OPEC, opinion, opinion journal, perspective, point of view, renewable energy, saudi arabia, second opinion, world news