Oil & Gas

Picture: Tyra Field

Europe has the world’s lowest level of energy self-sufficiency. 23 percent of oil consumption and 46 percent of gas consumption are produced within Europe’s borders. This means that Europe is dependent on oil and gas imports from other countries – first and foremost Russia, but also from, for example, the Middle East and the United States.

Europe has the world’s lowest level of energy self-sufficiency

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One comment

  1. Viking Life Blog · August 28

    Saudi Arabia Is Probably Lying About Their Oil Reserves

    Saudi Arabia is the richest Middle Eastern country in the world. This is all thanks to their massive oil reserves which have taken the country from a desolate wasteland to a thriving desert oasis. Their flagship company, Saudi Aramco, is worth about $2 trillion and they generally pull in some of the largest profits in the world. With all the wealth Saudi Arabia has gotten through oil in the past 100 years, they’re definitely not going anywhere anytime soon. However, we may not be able to say the same thing about their oil reserves. You see, there are actually a lot of red flags that are pointing towards Saudi Arabia lying about their oil reserves. Right after Saudi leadership took over Aramco in 1988, Saudi Arabia’s oil reserves suddenly jumped by 90 billion barrels. Not to mention, their reserves have stayed constant ever since despite having pumped out nearly 100 billion barrels of oil in the past 30 years. This means that Saudi Arabia has discovered 200 billion barrels of oil since the Americans left the country. Some high-level oil officials from Saudi Arabia have also been suggesting that their oil reserve figures are sketchy, to say the least. The purpose of all of this would be to keep the rest of the world dependent on Saudi Arabia for as long as possible because that is their biggest negotiating chip. This video explains why Saudi Arabia may have been lying about their oil reserves and why Saudi Arabia may run out of oil way sooner than we all think.

    Like

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