As the corona pandemic is hopefully coming to an end, the global demand for liquid gold is rising. This demand is not being met by the oil companies who, on their side, are announcing a reduction of the production in the face of global "green pressure". 

So the question arises, has the Oil era come to an end and rocketing prices are just a sign of it?

The American investment bank Goldman Sachs estimates that the price of a barrel could reach the value of 100 USD by the end of 2021, a price which was last seen in 2014. 

This jump could be expected due to the already visible signs of a sharp rise in oil demand and its derivatives this spring - with mass vaccination, growth in economic activity in many over-indebted countries and the return of tourist travel around the world.

At the same time, large oil companies claim that there is a systemic reason why oil could only become more expensive in this decade. The reason is simple and imposed as a global social imperative - reducing carbon emissions. 

The Oil Situation In Different Countries

The IEA (International Energy Agency) announced that "the world will need much more oil than OPEC Plus allows, as global demand for barrels returns to pre-covid quantities". And then, last spring, "OPEC Plus" surprised with a decision to keep its stocks until April 2022, and thus deny the market almost six million barrels of oil produced per day.

Saudi Arabia and Russia have already announced that they will work in parallel on two fronts: further investments in the oil industry and the production of natural and liquefied gas, as well as renewable energy sources.

Already six countries have passed their carbon neutral targets into law. They include Sweden, Denmark, France, Hungary, New Zealand, and the UK. An additional five countries have proposed legislation, including Canada and South Korea, as well as the entirety of the EU.

The people's awareness of global pollution is growing. And everyone agrees that it is necessary to start investing in this direction as soon as possible and further develop technology that will be able to completely replace the use of oil and oil derivatives in order to achieve zero emissions of harmful gases by 2050.