Energy evolution

Energy evolution
While attempts are being made to move away from fossil fuels for energy production, the transition is not happening as efficiently as many predict. New methods of extracting oil and gas have kept these resources cheap and plentiful and have turned importers into leading exporters. Meanwhile, failed policies – many of them based more on emotion than on scientific facts – have exacerbated many of the problems energy markets face – or created new ones.

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A chart showing oil output of UAE, Iraq and Kuwait from 1994 till 2019

Kuwait oil: Time to catch up

At first glance, small Kuwait is sitting pretty with one of the largest known oil deposits under its surface, enough to last more than 90 years. The colossal resource earned the emirate its staggering sovereign wealth fund. However, Kuwait’s single-commodity economy faces a longer-term existential threat as the world begins to wean itself off fossil fuels.

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