Will The World’s Supply of Oil Run Out?
If so, what should we do?
Everyone must be familiar with the word “Oil”, which is a natural resource that is very important and will always be needed for human life. Oil is used for fuel, a raw material for the petrochemical industry to power sources to generate electricity. The Monthly Oil Market Report (MOMR) data released by OPEC in February 2021 shows that there will be an increase in world oil demand in 2021.
The data above shows that the forecast for oil demand in 2021 will increase by 5.79 million barrels/day (mb/d) or by 6.41%. This shows that the increasing oil demand to share human needs. This also means that oil reserves in the world will decline. But the question is: will the world’s supply of oil run out?
There are two opinions regarding the depletion of world oil. The first opinion states that world’s supply of oil will run out in the next few years and the second opinion states that oil will not run out because in the future various renewable technologies will emerge. Let’s start with the first opinion.
