I mentioned previously that there is an exaggeration by some international media about the future of oil and its industry, to paint a misleading and unrealistic mental picture of the future of oil and its industry, seeking to establish that the oil star is just around the corner from disappearing. I have no doubt that it is a subjective exaggeration in my opinion, often suggesting that it is a systematic media campaign from one media kitchen, but the strange thing is that the International Energy Agency adopts such a proposal, but rather calls for stopping investment in the upstream industry and exploring new oil and gas fields with the aim of reaching Carbon neutrality in the year 2050. Media waves on this topic are not a product of the moment, but rather have existed for a long time. The strength of these waves varies according to the political reality of decision-makers in globally influential countries, especially the United States. How many articles and reports we have read, how many we have seen and heard in the various media about the sweeping of renewable energy in the markets, and about the severe impact of the electric car industry on the demand for oil, and that the world will completely dispense with fuel in the near future and in the short term! I was and still say, yes, there is a tendency to replace other energy sources of various types, such as wind, solar, nuclear and others, and to develop their industry, but the important question for everyone with a fair heart: Does this rise to the level of allegations about the near inevitable end of the oil age? Is undermining the upstream industry a correct strategic decision in the interest of global energy security? The outlook studies on energy sources and their global share in the short and medium term varied, including optimistic and conservative, objectivity based on accurate inputs that reflected on its outputs, and non-objective ones. A “BP” report before the Corona pandemic expected that oil will remain at the forefront of global energy sources in 2040, at 27 percent, followed by natural gas, 25 percent, while renewable energy will occupy the third place as a source of energy in 2040, with a rate that may reach 23 percent. percent, then natural coal with nearly 20 percent, and finally nuclear energy with 5 percent. Do the above numbers, even if we assume for the sake of argument that they are not conservative, indicate even from afar that the need for oil has become marginal? The world must be aware that diversifying global energy sources never cancels the centrality and importance of the oil industry. The real problem is the scarcity of energy sources in the future, which will undermine development and harm the global economy! Alternative energy – in my opinion – is not alternative, and does not accurately describe the nature of the complementary relationship between fossil energy and other energy sources. Saudi Arabia is a real and practical model on the ground that every fair person sees clearly, reflecting the true meaning of the International Energy Agency’s definition of energy security as “the availability of uninterrupted energy sources at affordable prices.” Are the statements of the International Energy Agency consistent with its definition of energy security?! The truth that is not obscured by a sieve is that Saudi Arabia bears the banner of environmental protection, and has harnessed all its capabilities to serve this goal, and that it leads the entire energy sector, and is not a monopoly on fossil energy, and will remain a safety valve that serves producers and consumers in deed and not in words, and the outputs testify to that.
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