Which are the countries that are running out of oil? The question of oil consumption has been in the center of the attention for a long time now. Every country in the world is using oil and not every country is producing the oil, so most of the countries must import oil from oil-producing countries.
For a while, the price of the barrel was $100, but after the burst of production by the USA, it came down to about $40 which is not enough for oil production to keep going. The small price of oil caused the high consumption, which can’t last for a very long time and the oil market will have to change in order to keep the oil production going, especially because big oil producers like Saudi Arabia are not doing anything to make things change. This country is obviously satisfied with the price and the amount they are exporting but this will not be sustainable for very long because the need for oil is increasing every day.
It is known that the Western countries are biggest consumers of oil, but other big countries like China and India are not far behind. Since they are using importing more and more oil, and there are no other alternatives to oil on the market, something will have to change soon or the oil market will fall apart.
The Insider Monkey had done a research and published an article on this topic called 10 Countries that Are Running Out of Oil. The 10th place on the list belongs to the Brazil, which has oil reserves of 16,184 millions of barrels. To find out which are the countries that are in the most need of oil in the world and in order to find out what is going on in the world related to this oil crisis, you should check out this Insider Monkey’s article.