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The Price of Oil and Gas to go down by 2020

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The Price of Oil and Gasto head downward by 2020?

Iraq, Iran Plot Oil Revolution, Challenge Saudi

Posted on 29 January 2014

Iraq and Iran, which together hold more oil reserves than Saudi Arabia, are planning to challenge Saudi Arabia's grip on OPEC and its status as the "swing producer" in the cartel, according to a report from The Telegraph.


With Iraq poised to triple its capacity to 9 million bpd by 2020, the result could be a dramatic fall in oil prices.


Hussain al-Shahristani, Deputy Prime Minister for Energy, said:


"We feel the world needs to be assured of fuel for economic growth ... It's very difficult to predict actual world (oil) demand by 2020 because the world economy is unpredictable ... Iran has been in touch with us; they want to share our contracts model and experience."

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Because we won't need gas to run our vehicles and heat our homes within the next five years. The world is changing and we will no longer need to rely on petroleum because of all the new inventions and energy solutions that are coming into being. So Iraq better revalue soon and sell as much petroleum as they can as soon as possible because they will be in the poor house for eternity if they don't. the age of oil is coming to an end. I'm learning so much from this website it's really cool what is happening-

Many Arab countries are diversifying their portfolios by investing in alternative energy and all of these new cleantech inventions.. Saudi Arabia is wise to what is happening, as is Qatar and Abu Dhabi.


Edited by Dinarian64
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