What a future without oil looks like for the Gulf countries | CNBC Explains
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- Опубліковано 17 тра 2024
- Once a region seeing vast flows of wealth due to natural petroleum resources, the market slowdown and plunging oil prices have placed the Gulf Cooperation Council in a position of economic uncertainty. CNBC's Nessa Anwar is joined by Hadley Gamble to discuss the GCC's challenges, from economic diversification to their internal disagreements.
Contents:
00:00 - Intro
01:20 - Why was GCC set up in the first place?
01:50 - Arab Spring 2011
03:16 - Key oil events
05:23 - Economic diversification in the Gulf countries
06:26 - Saudi Vision 2030
07:11 - Education in Gulf countries
08:11 - UAE's priority towards green hydrogen
08:38 - The road ahead for GCC
-----
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GCC : my father was riding a camel, now I’m riding a Ferrari, my son will ride a camel.
😀😁😀
... Electric robot camel.
with the amount of oil now, i doubt that will happen anytime soon. sure the demand for oil might go down but oil provides for a lot of materials we need in today's world.
@@kh-fk3ko I thought they said in the movie the money they have in reserves is enough to 2037 or something
Not gonna happen, these are your desires, the Arabs will continue to ride Ferraris , the ones who will go on horses will be the Americans, with the rise of China.
Generation 1 - Camel
Generation 2 - Hyundai
Generation 3 - BMW, Audi
Generation 4 - Lamborghini, Ferrari
Generation 5 - Land Rover
Generation 6 - Toyota
Generation 7 - Camel
They will end with Toyota..not camels
@Blue Gh no
generation 7: A ben got to drive a nissan sunny and we get to drive exotic cars
They do carry camels in the back of Toyotas. So after Toyota comes camel.
in italy in my company that sell luxury products we hope that they never get poor
Someone please tell her natural gas is a hydrocarbon fossil fuel too
she meant oil and not hydro-carbon
@@nagasandeepkaruturi837
She said "with the exception of...."
her natural gas.... 😂😂😂😂
@@vijayakrishna07 🤣🤣
Everything on an electric car involves oil.
Someone said “OIL was both a gift and a curse for the Middle East”
For Islamic Arab countries that practice Islamic economic system it is a gift. For socialist Arab countries which take European economic system, it is a curse. Syria, Yemen, Iraq, Libya, Algeria are all socialist countries.
OiL is a gift, democrazy is a curse to Middle East...
@@ndorobei4391 Nah. Gulf states that you mention use a rentier system that they can afford because they have low population numbers and lots of oil. Algeria has been much more populated than others and with less oil, Syria doesn't feature strongly as an oil country, it was a net importer. Iraq suffered under several wars and the ill-constructed nation it is. Yemen has no oil, Libya couldn't manage to become a union after the war...
@@ndorobei4391 more like it is a gift for islamic country who bent their knees to USA. also does islamic economy system allow cartel to play with the prices?? because thats how they control the price of oil.
@@Sedna063 hes an idi ot he thinks islam brings wealth to these arabian countries instead of gas and oil.
Interestingly enough, the author of Dune, Frank Herbert, predicted this back in 1965 when he published Dune. He had the idea for the spice Melange because he saw the looming problem of relying too much on oil and gas, which are nonrenewable. He predicted that if we did not diversify quickly, we would reach a point where oil and gas become increasingly scarce, resulting in greater wealth inequalities, increased poverty, and more wars. He also wrote dune as a way to inform people about how human actions can drastically change the planet and that we need to be careful with how we treat the planet. Mind you, this was before we understood climate change. Frank Herbert truly was a genius, and I recommend everyone read all of the Dune books.
I read Dune in 81 during exam week, it was hard to put down. Great book and series. You might be interested to read The Long Emergency, it’s a non fiction look at the inevitable change in our energy future.
Through the miracles of modern technology, we have an interview where she is looking up to Hadley whilst simultaneously looking down on Hadley. Amaze
Idk if it's you but there is always a tom nook in the finance related videos comments
No doubts about the GCC oil world but also take a good picture of crypto in the nearest future, don't you think crypto will be used as means of payment also in the GCC world?
Bitcoin now is almost the general means of payment worldwide, I never knew Bitcoin will be this known else I would have invested much in it
@@joanneswiss6894 I still make huge profits weekly from Bitcoin mining, I think is a good idea bringing Bitcoin to the GCC industry
I don't think anyone can pay me $21000 I receive as regards to my Bitcoin investment
@@philiptheresa8106 how do you make such huge profits?
@@charlettemcneil262 Through a Bitcoin mining company with the help of Mrs Sarah my personal mining account manager
Nothing lasts forever.
Evolution is the key.
Their income will suffer steeply.
Says the consultant 😂
Yes if only we could find a great advisor consultant 🤔
@WAlEED GAMERZz If they evolve they'll flourish and use their current economy as a rocket pad.
But if they just hope for "Global Oil Demand" to rise, you need all the help of Allah you can get
@WAlEED GAMERZz they are evolving… how? These countries can’t innovate, the only thing they are good at is selling oil.
@WAlEED GAMERZz allah don't. Indians do. UAE has a ridiculous amount of talent from the subcontinent. And boy are they innovating. From energy to farms and everything imaginable, the only bone of contention I have is the policymakers are trying everything under the sun to delay the weaning off of the oil. No god will condone the choking of the planet that your crude monarchies are practicing.
CAMEL be like finally now i get some respect🤣😂
🐫🐫🐫🐫
Less terrorism since there wont be any funds
Solar energy is the new oil. So don't count out middle east. The can generation a ton electrical energy at fraction of the cost that advance cold northern western countries could.
They got some bum loving always though.
@Night Rider Oh my goodness, what did you just fall off the potato truck. It called power lines. Australia already has a massive solar farm in the north Australia they have already laid cable under the oceans and the city of Singapore buys it electricity from Australia.
Their definition of development means constructing huge buildings, malls and roads. These things themselves are temporary. The true development of any country is a self sufficiency. No country is yet self sufficient but many can survive and earn even in the situations like pandemic unlike the middle east. Middle East needs scientists, engineers who will make it self sufficient. Think big, think above the roads, big cities and malls. They don't run by themselves, they need businesses and innovation.
Yeah japan
India is doing well at that. I can see a bright future ahead for us.
Not merely self-sufficiency, but having any work at all, and being a diverse economy like the UK or China, Japan, or any other civilised nation.
The only nation in the Middle East doing well in this regard is Iran, because they can't trade wiith other nations so have to rely on themselves.
Actually, Turkey also has a diverse economy.
Them fools never even heard of a bicycle
Self sufficiency would be a disaster. *The* major reason why wealth has grown so much in the last two centuries is that countries jettisoned this idea of self sufficiency (it was called Mercantilism) and embraced trade.
Any country that strives to make everything they use instead of importing it from countries who can make it more efficiently is just making itself poorer. Just look at India before the 90s or any number of developing countries who embraced trade barriers and import substitution.
MENA needs institutions like rule of law, checks and balances on Govt, reduction or abolishment of the royal/upper rentier class, access to capital markets for young entrepreneurs etc etc
I’ve been wondering this for a long time. I think it highlights just how much of a paradigmatic change the global economy is facing. My sense is that some aspects of modernity will erode, while local culture and traditions take on greater significance. And the local, efficient, low energy future result in a decline for trade, travel and transport as globalization reverses. What this report entirely skipped over was the challenges of climate changes in the middle east. Presumably top concerns would surround foo security and water availability. I do wonder just how hot it will get in the middle east and what the planning looks like if the heat gets extreme
Dubai has already diversified.. Oil production once accounted for more than 50% of Dubai's GDP, now it accounts for less than 1%.
😂😂😂
Always make me laugh reading this.
what does Dubai offer to the world？
@@harukrentz435what do you offer the world?
@@harukrentz435
You are just the taxpayer 😂
Gotta love Hadley
Awesome
Thanks
Good video 👍. Keep it up 👏
The future of the GCC and other oil producing countries who are unable to diversify is here to see - Venezuela ! Even if the use of oil isn't completely stopped there will definitely be a significant reduction in revenues, sufficient to cause great economic and social turmoil.
Ding ding ring a ding ding, we have a winner! And never was there a group of nations so deserving of that fate.
Jealousy is animal nature and hoping for somebody's demise.
@@ishaks8152 Vengeance is justice.
@@starventure I will suggest to god on the cross to deliver oil & gas to your kind and deny the gulf countries of their share.Vengeance is holy.
@@ishaks8152 You don't seem to understand, though. The future is coming and it is not going to require nearly as much oil as now. It is not a matter of want, but rather need. If no one needs oil, then no one needs the people who produce it.
The stone age didn't end because we ran out of stone...
RIP logic
Yeah, but they didn't have litigation
@@dodgygoose3054 Instead everybody must get stoned.
"Everybody must get stoned" - Bob Dylan.
True but they did not had a book which Told them to stay where they are.
They were adaptive , Progressive.
I guess you got your source of Problem.
Ghawar was discovered the year I was born, 1948. It was an ocean of oil. It produced 5 millions barrels a day for most of my life. Very few oil fields produce a million barrels a day. Lately Ghawar production has declined to 3.8 million barrels a day. I think it unlikely that Saudi Arabia will return to producing the amount of oil it did pre-covid.
The discovery of oil peaked in 1964.
I was 16 then. I'm now 73. During these years global oil discoveries have declined. It's not possible to pump undiscovered oil!
At the same time the world has experienced a population explosion going from 2 billion to 8 billion.
Resource Depletion.
More people wanting more goods and services requiring more energy.
Energy demand up.
Energy reserves down.
Unsustainable.
Please grow your own food.
Saudi tried to plant their own food but it was to expensive, instead they invested in agricultural land like Indonesia, Africa australia
@@franchocou
We have farms here in Saudi look up busaita, tabuk, the south of Saudi, in Riyadh also Qasim many other places in Saudi have farms my family alone own three all the same size 1km long and 1km wide we use the circlet pivot irrigation method because it works the best in the desert all Saudi farmers do.
The concept of peak oil is taboo in those countries for a reason. Their societies are built around small population ignoring the foreigners out if the equation. If and when oil runs out, it's everyone for himself. Wealthy dictators give a fraction of what they keep to their families.
Lol this actually was a great video and interview. The energy between the two ladies was great, and they kept me engaged throughout.
I see lot of comments that we cannot live without oil as it's used in other products, it's true but let's say oil for fuel consumption is 75 per cent only the remaining 25 % is for other products. Most countries would be able to meet this. If only food producing nation had such kind of unity like OPEC fuel prices would have never gone high
Like your idea
But imagine that 25% only coming from GCC ???
Bcz Saudi Arabia hv the lowest production cost per barrel in the world...
Imagine all of our essentials products(25%) rely only on one supplier which is in this case Saudi Arabia...
Saudi will still be frking rich, but with even more political influence in the world...
There is always politics in business vice versa...
@@fudgerace4356 Yea currently Saudi Arabia produces 10% of the world’s plastics. They are planing on down streaming even more meaning they don’t want to sell you oil and you produce the products. They want to produce the products so they can make even more money. In the future they won’t even sell plastic they will only sell plastic products.
@@seldom7288 Who's going to buy Saudi plastic products? China makes most plastic feedstock, and most plastic products. They do it for a fraction of the cost Saudi Arabia can.
@@fudgerace4356 Saudi only provides crude oil they don't manufacture anything plus now Russia is providing oil at even cheaper rate than Saudi
Without oil their would be peace in this regions. The Oil Goblin(USA) will not wage war in the middle east.
Yes because there was soooo much peace before oil was discovered.
You talking like middle East was peaceful before lmao .
@@kkk2.077 typical indian bhakts...
False data from whatsapp University 🤣🤣 lol....
Read history
The US dollar 🤑 will also fall
Prblm is btw Shia Muslims Vs Sunni Muslims Vs Jewish Israel. Religious war not oil
OIL is history now , we expect more peace in middle east countries
Peace is always there as long US doesn't interfere in other countries matters
Oil will remain relevant for at least a few decades
Those people don’t know the meaning of peace , they have always been fighting with or without oil
We still have Islam.
@@asheru9254 lol , we are in the 21 st century not 7th , technology is the future not religion
Nice video.
Nice for ottoman's like you
We are the kings of energy 🇸🇦
That's why the World is moving towards Flex, You will not be probably alive to experience future of Gulf without oil business but your children will and it is going to be a sad reality
They should invest more on education if they want to survive in near future.
they dont need it because most elites in the world live there only
I think that Saudi Arabia has the largest scholarship rate for its students in the world. King Abdullah University of Science and Technology has a very high rank in the Middle East and Asia. Continuing education will benefit.
We already have good free education .
King Abdulaziz university in Jeddah ( Saudi Arabia’s economical capital )
Ranks 44 globally
And ranks
2nd in the world for mechanical engineering
4th in the world for chemical engineering
16th in computer science
King Fahad university of petroleum and minerals. Located in dhahran Saud Aramico’s brith place and headquarters
Ranked 10th in the world for petroleum engineering and 70th in all engineering studies. It’s known locally to be the Harvard of Saudi Arabia , most minsters , Aramco and sabic executives studied there. Including the current energy minster.
Let’s stop here
We have 43 universities so it’s gonna take a while to talk about them all.
Their investing money on education but the problem is in the citizens becuase they dont want to continue college
@@Alibinalibinali they should really know the value of college
Thank you godbless
I can’t wait!!!
Keep waiting losers 😂😂😂😂
Islam will be number 1 religion soon
@@moncef9778 wrong!!! No religion will be the new religion.
@@tooyoota66 you sound nervous.
That was a wonderful interaction between two very talented journalists discussing about the future of the middle east! Excellent job girls!
but who was the more beautiful one??
Girls?
Yes, they will be just like Venezuela in about 10 years. China, which buys most of ME oil, already invests heavily in green energy to become self-sufficent.
6:03 Did they just add a shot from GTA? 🤣🤣🤣
They should ask Norway how to use oil wealth
UAE is in high depths and lost but Saudia Arabia still have time
That will never happen. Norwegian government looks out for the interest of their citizens. Arab governments look out for the interest of their ruling families.
There will always be a demand for oil as it's used in a variety of products and not just to power cars. It's used in the manufacturing of plastics, construction, clothing, beauty products, medicine etc. Also why talking about the GCC when OPEC has more power and influence?
I'm guessing the focus is on GCC because unlike OPEC countries, once the oil runs out, the GCC countries have nothing else to fall back on. Hence the mad rush to diversify - tourism destination, buying up sports teams, investing in media conglomerates, etc. By comparison, OPEC countries won't have to worry much, or in some cases at all.
Yes but lithium is overtaking the needs for factories. Factories can run on lithium battery now, not oil and gas. Big difference change.
We all know the new lithium is called oil. the stuff in electric cars, you know?
This is why Afghanistan is a big deal, because Afghanistan is the quote from USGS geological teams..
"Afghanistan is the new saudi arabia of lithium"
And I did research.. now the top 3 mining companies from India are taking over afghanistan deals, because we backed out with Biden's plan, without staying and leaving air support, we lost it to others like china and india and pakistan to sell now on global market.
Do better research.. this is why we are in afghanistan mountains, to get that land.. that was the goal, everyone with a brain studying knows this.
@@dertythegrower why would factories be run on batteries? They would use renewable energy not from batteries
@@cwaddle renewables aren’t so efficient, so the use batteries as supplements.
Dude, sorry but cars are all going electric. Even now Ford motor company is reporting a 33.1% drop in sales from the month of August 2021.
Forget about oil, Hadley Gamble looks stunning 😎😎
on a dry spell arent u ?
@@thewolfofswingthat2035 nope, just ur poor comprehension skills in differentiating beauty and sex.
@@bharatjulakanti LOL
I thought I'm the only one😅
So what!?!
Oh this is nice
My favorite oil stock is TSX:HWO, great balance sheet and new contracts signed with major clients
Too bad. HWO is not listed in the app (etoro) that I use. :/
There're interesting points not being mentioned. GCC ain't investing $200bn on building railroad to move oil that's fairly obvious. Also the erosion of the dollar hegemony against petro-yuan which is backed by gold, almost a reversal of history is slowly unwinding.
They can use solar panel as alternative
How can use solar panel in greenland
@@ryankarlbeato8204 he means exporting solar energy stored as hydrogen from one country to another such as Greenland
@@Moses_VII
Basically
Take 10GWh of Solar electricity.
Liberate Hydrogen.
Send it "somewhere"
Convert it back to electricity.
Problem?
The end user only gets 2.5GWh but pays for 10GWh and the transport (which will pollute?)
"Green" hydrogen is not green.
It's expensive and results in continued fossil generation..... So it's "dirty".
Even if the US had a working Mr Fusion design, and it was powering every car in the country.... we would STILL have a vibrant oil economy. The best quote Ive heard on that subject is this: One you have an oil economy, you always have an oil economy.
Less terorism and weapons in supply is one of the side effects without oil
Ajay ru dumb 😅😅😅..
Or a BJP andhbhakt 😂
ah yes, indian
Less terrorism in the world, more chaos in middle East.
Arm sell should rise in middle East and wars.
Good news. Thanks
Oil is not only about energy, it also about many kind of materials. It is a lie when saying “the world without oil”.
No one said without but it will be cut in half
Do they have Gold reserve?
But they knew this day would come, it was a looming concern always, whether it be running out of oil, or new alternatives and they have managed to diversify their source of income, in tourism, agriculture, life stocks, biotec, synthetic fuels, algae, automotive, financial institutions, investments in stock etc, so kudos to them...
Only Qatar and uae have diversified, Saudi Arabia hasnt, Kuwait Oman Bahrain havent and Iraq Syria are in the stone age
Except for tourism in which people only visit uae coz rest of gulf countries are very conservative there aren't any other things in which they can compete in terms of manufacturing, agriculture china has strong grip on it as well as India and most people visit European countries for higher education
@@hassanabdikarimmohamed2505المملكه العربيه السعوديه نوعت مصادر دخلها والان هي تعتمد على 50% فقط
I don't know how people think that they can completely eliminate oil. it's used not only to power cars but there are also other chemical products that used oil, for example, polyester articles of clothing are from oil, plastics are from oil(pretty much all your iPhones), even lipsticks, soaps are made from oil. Unless you can find substitutes for all oil products it won't disappear.
Exactly not only are the gulf states looking at a steep decline so are the rest of world in other news in the west they want to get rid of coal mining
I worked for an oil supermajor. While this is factually correct, this does not change the bleak future of the fundamental economics of oil. The volumes involved in chemicals manufacturing is much, much lower than that used in fuels production. Oil price (and hence margins) is also very sensitive to small changes in demand. While the decline in demand is slow in terms of overall volume (as developing countries are still gradually increasing in oil demand), richer countries are switching to EVs and it is impacting the actual amount of value that can be gained by selling a barrel of oil. In terms of profits to be gained from oil, it is a rapidly shrinking pie.
Absolutely true, the comment needs more likes
Gulf countries will be once again become poor. Oil as a raw marterial for plastics and polyester is only half the consumption
@@treatseaweed في أحلامك
حاليًا نصف إقتصاد السعودية تقريبًا غير نفطي وكل سنة ينمو وأيضًا صادرات السعودية الغير نفطية تقريبًا هي ربع الصادرات يعني 68 مليار دولار
وكل سنة تنمو هذه الصادرات الغير نفطية هذا والسعودية لم تدخل بقوة بالصناعة وهي تخطط لبناء آلاف المصانع بالسنين القادمة بالإضافة أنها سوف تدخل بقوة في مجال للسياحة
Good interview. Limited, IMO.
I would like to learn more about the societal pressures in the Gulf countries.
How are they dealing with the Wahabbist legacy and influence??
Will they institute modern judicial institutions??
Will they humanize their treatment of foreign workers?
Will they allow non-Muslims freedom of religion, freedom of movement, and freedom of speech?
Will the democratize their governments? Allow elections? Have constitutions?
I don't see how medieval forms of government can sustain in the modern world.
Oho ho ho... Ho ho ho... Hoho..
That will be really interesting...
Now the real talent of mind knows whether gulf countries grows or not. That's why I said always depend on human mind and capital rather than resources.
Well UAE is one of the only few countries which have a spacecraft / satellite orbiting Mars...
@@yilonmusk1189 yeah how many engineer and scientist working on it are from there
@@yilonmusk1189 that's the Reason you are doomed
Sent those satellite Money made from OIl revenue
Did you get anything from above video ?
It's a temporary source of Income
They need to find a Permanent Source.
Sooner or later Those satellite will fall back.
And oil money will Finish.
@@manishtaker8622 Most of em are from S.E Asia: Indian, Chinese and even some Egyptian ones too.
How about the Sun as "a resource"?
click baited again with the title. amazingly, these countries have good amount of sunlight all year round. they could easily become electricity exporters with high end DC transmission
Transmission suffers from loss over distance but they could use it for desalination plants, which could help agriculture.
@pínned by CNBC International who would fall for this?
Fool.
Few more Venezuela's coming up in the middle East.
At least Venezuela has millions of people.
@@ynadejesus8172 Venezuela is a shitshow now. The only thing worse is Chicago.
At least Venezuela has beatiful nature, and people of Venezuela aren't have middle age mentality as have arabs, and Venezuela don'ts support terrorists groups like Al Qaeda and ISIS.
emission could be reused as new energy⚡ beside of solar panels
I only invest in Techron Chevron. It last longer , way longer and less emissions.
Saying we're going to war for their wind and sun doesn't have a nice ring to it compared to invading for oil.
Dude I see your comments everywhere
The mid east does have a lot of sun though
Wars for transmission line corridors do tho...
If there is no oil in Arab, their ego will break and they will understand the value of humanity and never ever will raise their hand or oppress against innocent human in Arab.. they will be more humble if there is no oil
So wash your mouth
To be honest, it's very very impracticable to run a world without oil, advancement in technology notwithstanding , this is an odd truth
what part of our economy cant run without burning of oil ??
@@PK-tt5kk Alot , a whole lot , it's reliable , I think the lasting solution should be how to make the oils more purified to reduce the carbon emissions
@@ademolaakinyemi3743
Hydrogen can be used very easily to create huge amounts of energy. Hydrogen burned with oxygen creates massive amounts of energy. Toyota made a car on this concept.
@@PK-tt5kk Yea but I believe it is only 1/3 the energy of gasoline. Also a high percentage of hydrogen comes from natural gas which comes from drilling for oil.
@@elvism684 This has already been done on a large scale ==> Hydrogen can be produced from sea water using electrolysis (basically passing electricity thr. water). we can use solar power for it, thus fully green.
Also this is a great solution with solar/wind electricity storage. During excessive electricity produced by them, the electricity can be used to produce and store Hydrogen which later, when there is no wind and light can be used to produce back electricity.
of course this would be possible to only be used in coastal cities. But many biggest cities are near the sea.
GCC in 2050 be like: "Tender for the purchase of camels, Ministry of Transportation"
Ministry of Water: Wash your hands with sand.
Ministry of Health: Healing is through prayer
Ministry of Commerce: Collect waste for sale
😂 omg You know the future more than the Gulf governments.
They already realised it and taking steps for non oil revenues .
Norway is the best example of future planning. They had oil in the back and rather than spending on luxury they invested in foreign stocks and today it's second largest GDP per capita nation. UAE started in early as they realised their oil wealth won't last long . Saudi is also going for tourism and renewable energy . Others will also follow it I think.
@@minhazali4090 They do but that doesn't mean they are successful. They did those steps 15 years ago already and failed. Vision 2030 is not the first or last of visions in GCC.
As for Norway, they did a great job with their oil. Kept it out of the hands of the politicians and invested the revenue into the fund or into sustainable economic policies. Didn't finance a bloated government sector with lots of cash incentives to keep population happy.
Saudi Arabia wants tourism, not just because of money but because tourism is wonderfully labour-intensive. Can absorb a lot of the young kids that are currently unemployed.
US makes 193 billion dollars. France 63, Spain 79. Thailand 60, Germany 41... Saudi Arabia wants 150 billion dollars in tourism by 2028. Illusoric imho. That would mean beating classic tourist destinations beloved all over the world.
If EVs take off, the demand for oil will drop drastically, since it is reported that ICEs consumed some 60% of its output! And EVs are taking off in China, EU etc. Hence, the falling demand for oil will come faster than OPEC had planned!
It is not education is not emphasized but they concentrate on merely religious education just like it is happening in Malaysia!
Religion is good for human especially islam..Civilization rise because of religion..without religion you will become barbarian and immoral
The modern society we have now is mainly because of Islamic golden age wich is pursue of Knowledge and order of human society
@@mosalah8551 I kind like Islam isn't a barbaric religion ,but was spread through love and peace ..
@@mosalah8551 correct , it's Islamic knowledge which western and eastern nations using to develop semiconductor ,computer and company like spacex .
When demand for oil drops the price of oil will be low that ICE cars will reappear to balance that. ICE and gasoline will be back in business
This interview was quite dramatic & funny.. But content was good.
Content was "variable".
Oil , super rich countries not only with oil also with good heart
.. all good things will/must come to an end
I love your sense of misery and despair. I'm your fan
Fossil energy
Next
Solar energy
Doesn't work in Desert.
Fine sand will kill all instrument over time.
That place is Not normal to live in.
Oil is only option for now.
Oil demand will go up in medium term as per capita income in developing countries increase. More problematic would be if new oil reserve is discovered in non-GCC countries.
Spectrum geo, a Scandinavian oil exploration company had found new hydrocarbon reserves across the southern Indian ocean Sea of Somalia, they've found 30 billion barrels and estimate the rest of the long somali coastline has more, possibly as high as 110 billion barrels according to the industry experts
Ofcourse gulf countries are very uncomfortable with Somalia entering the oil and gas market
No oil no war the world would be a peaceful place to lived
Oil will still be needed, but much, much less, because no more vehicles needed it, only certain industries, manufacturers, etc.
In the near future, nuclear power will be the most affective substitute to challenge fossil fuels for our technology and energy consumption. Oil production company can still play an important role in the global energy mix for decades to come as long as the earth has not yet running out of its oil.
Until another chernobly happens
When a country that rules by enforcing religious laws has to turn a blind eye in order to receive foreign investments -- Fin.
Knoledge is the none - depleting, non - depreciating asset.
Research and development creates knowledge.
Innovation makes the knowledge useful.
Production makes value addition.
Marketing and sales makes value realisation.
Shared knowledge and experience increases.
Those contries were never ruled by religious laws
Other than Oil the only other option left with the Gulf is tourism, since they haven't done any R&D in the past or any manufacturing on their own.
Sharia laws ? Restrictions on girls ?
I must say only dubai will survive otherwise i don't know about saudi or else
Please invite Hussein Askary to your program. Let us hear to other side about BRI
Ccp
Once electric cars have become popular worldwide then these GCC will suffer tremendously
25%. That’s all that is required just of the Americans alone to tank the OPEC nations. If Biden or Trump banned ICE sedans from being made or sold in the USA, it would send the oil prices into a crisis. If they did that and wrecked US/China trade, places like Saudi Arabia and Qatar would need to change their economies as fast as possible.
@@starventure cant
"Once electric cars have become popular" what will be the source of the energy they require?
Solar.
Who has access to large amounts of solar?.....
The Arab nations, India, Africa will "do well", assuming they invest enough, early enough.
(Why do you think China is investing in Africa?)
@@starventure
You seem to forget that the US exported industry to China because it was cheap. Because it gave better opportunity to profit when the goods returned for sale.
Essentially, to maintain Capitalism.
Well.
Repatriate that industry and what will happen?
Workers will demand the same wage and now.
Companies will want to pay the "Chinese wage".
The cost of those items will increase (unless profits are reduced?... Not likely)
Inflation will be the result.
You'll have a choice.
Pay more, or reduce consumption.
Will "2 car America" go for that?
China will simply sell to the rest of the World (and their home market)
China has won. You just haven't realised yet.
EV, Flex engine, biofuel nd green hydrogen would replace most of the transportation in the next 20 years in the developed world and also most probably of china and india...i dint see a bright future for oil
Oops, I think it's too late to diversify, just because playing catch up with other industries which require other none oil resources is more expensive than GCC countries are accustomed with cheap, easily found and produced oil
@Raffel greener and how is "democratic" lebanon doing these days
@Raffel greener all I see is crisis after crisis in Lebanon
@Raffel greener so they should stop being hipocrites, you don't want me in your country, don't come to mine simple as that
Jed Jarret
You know that to assume you are smarter than others (them) is dangerous?
I see them transitioning by using other CHEAP sources (that'll be solar!) While the US "chews its own leg off by hanging on to an outdated model.
1:00 ❤️
Don't worry in recent years the demand for plastic has gone up. Some years ago you gold get some things in a glass bottle /container. But now its in plastic.
They have money to quickly diversify themselves. But it won't be easy.
With Oil they became Rick because they had kind of monopoly over it can they invest in something which is need of everybody and GC will have monopoly over it.
I can't think of anything.
Plus climate change, it is already affecting the Arab World in dire ways. It will cause extreme heat to spread across more of the land for longer periods of time, making some regions unlivable and reducing growing areas for agriculture. Cities will feel an increasing heat island effect and most capital cities in the Middle East could face four months of exceedingly hot days every year. Rising temperatures will put intense pressure on crops and already scarce water resources, potentially increasing migration and the risk of conflict.
@@larsstougaard7097
Heat is energy.
If they harvest it.........
@@rogerstarkey5390 yes I hope they take any step they can to secure a future in their countries. Technology is key new or old, whatever works.
“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliche, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.”
Assets that can make you rich
Bitcoin
Stocks
Real estate
Bitcoin is the most profitable investment online if you could trade with a professional broker that will guide you through the process
@@petermorgan6635 How do I start with a professional broker
❶❹⓪⑦③⓪❺❷⓪⑧⑧
They have sufficient funds to pivot to renewables, technology as well as tourism...
10:17 wow that watch is classy
It looks dry…
Okay I will see myself out 🏃🏾💨
All jokes aside, UAE is smart for diversifying their investments!
UAE is exception
As always
Less wars probably. Let's hope no lithium is found there now
Don't count out the middle east. Solar power is the new oil. They can generation a ton of electrical power at a fraction of the cost of that of the advance northern western countries.
Pls add subtitles in English.
Godbless
GCC countries already developed themselves by now and they are doing great diversification of their economy on different fields like sports entertainment media banking real estate aviation tourism manufacturing health education infrastructure defense technology scientifically advanced like European countries so nothing is going to be happened because their economy is stagnant now and in future too like Europe
Some, not all. And those aforementioned sectors (sports, entertainment) are very sensitive to global pressures such as economy and covid, for example. Dubai was hit hard when the financial crisis hit in 2009.
You are extremely optimistic but right now, I don't share it. Right now, they source so much of their revenues from oil, only 2 countries in GCC make less than 40% - and those are small nations and still rely to 30% on oil. UAE without oil would be a much poorer country.
@@Sedna063 lol the need of an oil is not going to end at least in this century..so therefore by end of the century that 70 years is enough time to make and diversify their economy on different fields and extend them on those fields smoothly....so don't worry about the GCC countries because leadership of these countries are visionary and fabulous
Odd that the reporter does not know that natural gas consists of hydrocarbons.
Qatar is unique in the sense it makes money from natural gas alone.
@@muhammadsaeed1125 that's not correct too
Oil is not going anywhere. It’s used for everything. Switching to renewables will do nothing for oil consumption. Coal on the other hand is something that can be replaced.
what the future of US dollar after peak oil demand from GCC ? almost all world will suffer massively when the value of dollar fail and diminish its purchasing power
Net zero carbon…… means … net zero bank balance for gulf
Look ur country first
3:04 Natural gas IS also a hydro carbon, lol
Easy way to know they didn't focus on their chemistry class.
@@mwanikimwaniki6801
Correct.
Not to mention "Green Hydrogen" (no such thing!)
@@rogerstarkey5390 Green hydrogen does not necessarily mean Green in the sense that is used these days. There are different classifications for hydrogen including blue hydrogen and some others that I cannot remember.
All these different camera angles was it necessary..
Guess they won’t be able to spend money on ridiculously lavish stuff anymore, but oil will never fully go irrelevant since it’s also used for plastic & polyester not just fuel
Make Investments in other countries company to survive😁
Spot on !
They have already been doing it for 15-20 years now...
Not enough to support.
The military needs it lmao
I really don't understand why Saudi Arabia hadn't pushed for tourism years ago they have one of the most important religious place for 1.7 Billion people.Its like religiously mandatory for them.
Since the have oil they don’t need an open economy or tourists reporting on things that is negative about the country.
They are now but its already late
bcs the rpevious kings were really dumb
Because of lack infrastructure, lack of public and private transportation, believe me the streets designed to be HOSTILE to pedestrian, you can open UA-cam and see videos for long walk inside city like new York or Tokyo but impossible to do so in Saudi, if your a Costume to western city Saudi is a nightmare
Building a Stanford and MIT should be the top of their list decades ago🤷
Yes they should educate their population but as a self-racist Arabian philosopher I think there's no hope, because you know the heat waves and sunstrokes makes them less intelligent
Not exactly. They should have focused on skills and not rote learning. Labour market reforms etc. Like Japan, South Korea did.
No more gold escalators for those Dictators
These rich mf's wearing robes gonna have to go get a job at Subway now 😂
lol !
😂😂
We won't be around to watch that..
Cry
DeAn H
If that's the case, where will you work?
3:06 oh so natural gas isn't hydrocarbon?
Without Oil? Not possible. You have plenty of Oil applications on multiple Industries. Also the Naval and Aeronautic sector gonna use Oil related products for a long time.
A big chunk will be shaved off
Did you forget that the world hates on us, We are hated
They'll just revert back to herding camels like their ancestors did before the discovery of oil!🤣
Yes let's pretend the Arabs didn't conquer half of the globe 🤦♂️
@@zakariya.a7318 If you want to go back centuries, the Dinosaurs once dominated the Earth! 🦖
@@zakariya.a7318 let's not forget that the Sun never set on the British Empire, which controlled Islamic territories such as Palestine and Iraq and Egypt, humiliated China, owned America and Canada, and Australia as well, and still has the Falklands, South Georgia, Ascension Island, and lots more.
There ancestors conquered the world from western China east to southern France west.
@@zakariya.a7318 i don’t think the MENA region is half of the world
Over the last 80 years, Oil exporting countries have grown their populations as oil revenue permitted. Getting off oil also requires a reversal of an open child policy across the globe. Central America, Africa and the Middle East are the largest population growth areas, rising 5-6 fold since 1950. Very few countries make any effort to reverse population growth. It needs to be part of the IPCC/UN debate.
I expect a new mass migration. Lock your borders very well.
An advice from a self racist Arabian
They can produce chips do computers and grafik cards
Emirates has a leg up on the rest of the countries in the middle east. There going with Financials and investments .