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The Real Story: The future of oil

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The future of oil

15/11/2019 GMT

BBC World Service - The Real Story, The future of oil

Amid a proliferation of green technologies and a new wave of environmentalism, why is the oil industry still booming?

The state owned Saudi oil company, Aramco, is considered to be the most profitable business in the world. In the coming weeks it plans to raise billions by selling shares publicly for the first time. Despite the proliferation of green technologies and a rise in environmentalist movements which are calling for an end to fossil fuel dependency, the International Energy Agency believes that global consumption of oil will continue to grow for another twenty years. Analysts say this is mainly due to the continuing growth of the Asian economies. It's not just Saudi Arabia looking to cash in on the continuing demand for oil. Iran says it too is hoping to earn billions of dollars if it can extract oil from a newly discovered field close to its border with Iraq. So why is the world still so reliant on oil? What is driving the current growth in oil production and how long will it last? Can the countries that rely on oil as their main source of income move onto other things when demand begins to fall? Paul Henley and a panel of expert guests discuss the future of oil.

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