Importance of Oil to the Global Community

Abstract

Oil is a very critical and essential product to the international community to such an extent that it benefits the globe especially in terms of reserves and production at totally different levels. While the reserves are beneficial to the Southern developing nations of the world, the Northern developed countries are appreciably put at a serious disadvantage in areas that relate to reserves and production of oil. It is however important to note that oil is such a very important product to both the North that is disadvantaged in reserves and production and equally to developing nations that have great reserves and are at advantage in production. It can in fact be asserted that oil is by far much more needed in the developed countries than in developing ones. This is clearly reflected and represented in the consumption levels of developed nations which are by far higher and greater than those in developing nations. In fact to an appreciable extent, the civilization of the western, Northern, developed, technologically advanced countries are strongly attached to adequate and regular supply of oil. Invariably therefore, it has become imperative that those nations strategise at employing new sources of oil supply that will be internal and which will considerably reduce dependence on the outside.