Venezuela is a country who depends entirely on their oil exports, therefore, it can be “profoundly affected by the impact of plummeting prices.” (Ortiz) The effect of these crisis can be felt by the Venezuelan students in the U.S. Ortiz states that “in the fall 2015 some 300,000 students were shut out of their universities, and many who were hoping to study abroad could not.” From the chart it can be seen that Venezuela sends around 7,890 students to the U.S. even though it’s export from the oil revenue is 97.7%. Why Venezuela send a small number of students abroad to study is because they entirely depend on oil exports for their expenditure. Saudi Arabia Crude oil itself represents 87% of Saudi exports. When the oil prices deplete it causes
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The reason behind that is easy, because global economy is estimated to be more than double by the year 2040. World population is projected to be 9 billion by then also. Increment in economy and population results in increase in energy consumption. “We expect global energy demand to increase by almost 50% by 2040.” (Mohammed Barkindo) More energy will be required to run more homes, services, cars, basically everything that will require energy. While the world needs energy, OPEC and non-OPEC countries will be trying their utmost best to fulfil everyone’s demands, but they need to use it efficiently. If there are less investments there are going to be fewer project developments and reduced labour. Though renewable energy exists it is fossil fuels that will be satisfying the worlds energy needs. “Fossil fuels - which currently account for 87% of the worlds energy supply – we still contribute 82% by 2035. Oil will retain the largest share for most of the period to 2035, although its overall share falls from 34% to 28%. Coals share remains similar to today, at around 29%, whereas gas increases from 23% to 25%.” (Abdalla El-Badri) Oil shares will decrease by a small amount because of the renewable energies coming into play over
The reason behind that is easy, because global economy is estimated to be more than double by the year 2040. World population is projected to be 9 billion by then also. Increment in economy and population results in increase in energy consumption. “We expect global energy demand to increase by almost 50% by 2040.” (Mohammed Barkindo) More energy will be required to run more homes, services, cars, basically everything that will require energy. While the world needs energy, OPEC and non-OPEC countries will be trying their utmost best to fulfil everyone’s demands, but they need to use it efficiently. If there are less investments there are going to be fewer project developments and reduced labour. Though renewable energy exists it is fossil fuels that will be satisfying the worlds energy needs. “Fossil fuels - which currently account for 87% of the worlds energy supply – we still contribute 82% by 2035. Oil will retain the largest share for most of the period to 2035, although its overall share falls from 34% to 28%. Coals share remains similar to today, at around 29%, whereas gas increases from 23% to 25%.” (Abdalla El-Badri) Oil shares will decrease by a small amount because of the renewable energies coming into play over