Sources have stated that at the 22nd World Petroleum Congress in Istanbul, Turkey, oil & gas industry stares at a dark future. And the reason is not just low price of crude oil, which is currently trading at nearly $45 a barrel, less than a third of the price 10 years ago $145 in 2008.
According to sources a grim portends of the dark future became visible just a week before the meet when Volvo had currently announced it would phase out production of petrol-only cars from 2019 in favor of electric cars. Meanwhile when speaking at the Congress, Amin Nasser, the head of Saudi Aramco, said that oil and gas would remain central to the world's supply of energy for decades to come. Moreover he believed there was a widespread agreement that even as the world moved to greater use of renewable over fossil fuels, petroleum would continue to be the heart of the energy mix.
But experts have started sounding the death knell for the oil industry and
further Stanford economist Tony Seba, known as an energy futurist, says
electric vehicles would devastate the global oil industry by 2030. Seba
predicts a catastrophe for the oil industry and according to Seba, the rise of
self-drive cars would bring down oil demand sharply which could reduce the
price of oil to $25 a barrel within 10 years.
