There has always been a huge demand for oil barrels owing to the fact that oil finds its use in a lot of purposes. From being used as a fuel in vehicles and airplanes to its use as a source of energy, oil is definitely one of the most used products.
Most o the countries that do not have their own natural reserve need to import oil. America has been one of the biggest importers of oil barrels consistently in the past years as they top the energy consumption chart. However, right now the need of the hour is to minimize the energy consumption since it is believed that if we continue to use oil reserves at such an indiscriminate rate, the natural reserves are likely to die down and exhaust completely.
It takes a lot of years to produce oil naturally and once we extinguish the net reserves, the hopes for future are very bleak. Keeping this problematic future scope in mind, a lot of meetings and conventions were held to educate different nations to minimize their energy consumption and look for alternative sources of energy rather than exhausting the entire natural reserves of oil.
The gulf countries have profited tremendously from this amazing demand and need for oil. Even after unprecedented hike in the prices of oil, all the nations that do not have their own oil reserves had to import oil barrels to meet the minimum requirements of their country. Hence, so far the oil industry had been in a boom. The pricks have spiraled upwards many a times in the past. People are expecting it to stabilize at some point of time. Also, the demand is sure to stabilize as well because there is an upper limit for every thing. However, we just hope that the demand stabilizes much before the reserves get exhausted.
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