The New Geopolitics of Oil.

Production: Hubert Walas
Research & analysis: Jakub Knopp
Video production: Łukasz Szypulski
Voiceover: Hubert Walas
Music: Cody Martin - The Grid
Sound realisation: Dominik Kojder

Business inquiries:

#oil #russia #saudiarabia #iran #iraq #usa #argentina #kuweit

[jordibt]

The OPEC Oil embargo didn't happen because the 6 days war but after the yom Kippur war

[dffndjdjd]

Great video. As a Texan oilman I would just add that there is nothing depleted about the Permian Basin. It’s been booming for a century now. We have gone from relatively shallow vertical wells, 6000 ft or less to much deeper formations using horizontal fracking, up to 18000 ft.

Before fracking, wells were vertical, like a straw into a formation so we had to drill many more wells to drain the local formation. This made costs prohibitive during the 70s and again in the 90s, as low barrel costs made extraction to expensive.

The innovation of fracking changed everything. We can drill three square miles of a formation from a dozen wells along one end of the rectangular field. This made drilling much more profitable and cost efficient.

This has allowed us to not only more effectively produce from formations but to also refresh older ones. Couple this with deeper tech and we have decades more of oil to extract.

Further, new wells will produce at high rates when first drilled because of pressure in the formations, but over time they will stabilize and produce for decades. Some wells in the Permian have been pumping 5 barrels a day for a century.

We will never run out of oil. It is almost everywhere. When we drill into these formations, we get a mixture of water, natural gas and crude oil. The difference between where you drill is essentially just the shares of those products. Some areas are very gas heavy and so not as profitable because of its low sale costs, and others are more crude heavy. These are usually where we drill.

Next, crude is not equal. It comes in many varieties from light, sweet to heavy. Each type is more useful than others for different refined products be it diesel, gasoline, lubricants, plastics, pharmaceuticals, etc. That is why many countries still import oil, like the US, even if they are net exporters.

Finally, I believe the market itself will mark the transition. We will never run out of oil, but there will come a point where the costs, even if they are carbon taxes, will outweigh the profitability. When synthetics become cheaper, that is when we will stop using oil.

But I believe that is decades away, it may never happen. We may always need oil products but we will certainly mostly stop burning it by the end of the century.

[Ikbeneengeit]

Oil sanctions against Russia are effective. If they weren't, why would Russia complain so much about them?

[orboakin]

As a Nigerian, I can't argue with your objective observations regarding my country and Africa as a whole concerning our oil sectors. It's genuinely depressing.

[amanverma]

Its not like that game of oil will end soon i think i will atleast take 50 years to do that

[Ryanandboys]

Oil isn't going anywhere anytime soon..

[stevendavis]

The idea of carbon capture machines is ridiculous. People need to quit trying to reinvent the tree.

[lipingrahman]

We as a species could have made oil less important maybe obsolete by now by putting more effort in nuclear power. The rest of this “green” tech will be remembered as a waste of time and money.

[The_ZeroLine]

It’s always good times when GTBT posts a new video.

[EdT.-xtyv]

Praying to all gods that the fusion reactor is ready circa 4001😎

[FelipevonMontfort]

Oil isn't going anywhere for a long time yet.

[righteousviking]

If any of y'all ever hear someone seriously claim that green energy can challenge "fossil fuel, " and he doesn't mention nuclear, laugh in his face.

[aaronjones]

The developing nations that are petroleum producers are suffering from Western nations avoiding investments in petroleum refining. They are left with the most basic extraction industries without the normal refining and efficiency developments. This is why so many petroleum nations import refined gasoline. So much of the world is still lacking full electrification, and the productive abilities of wind and solar are proving incapable of meeting the need. There simply isn't enough mining to create the batteries necessary to make wind and solar useful.

[electrosyzygy]

An often overlooked motivation behind the push for 'green energy' solutions has more to do with geopolitics and military concerns. For example Europe is not blessed with hydrocarbons, unlike the 2 powers it is stuck between. Militaries need oil--it is one thing to power a car with a battery, but it won't do for a tank or fighter jet. Countries that must import oil to power their war machines are not truly sovereign nor secure and incur great costs so reducing civilian and arguably frivolous uses of oil allow for a more resilient military-industrial complex and power projection.

[aryaman]

41:00 Analyses on CN, India and SEA is wrong, this region is going whole hog on GE, they're taking a more balanced and pragmatic approach to achieve this, and are likely to achieve zero emission or go fully green just about the same time as the West - if not earlier.

[rogerk]

Technology disruption never happens gradually. It follows the well known S-curve.

The next 15 years are going to be very messy..

[alexsokhin]

Really love to see another big material from GTBT, thank you dude

[elinope]

If it's the greatest business in the world, then it makes sense why so many lies and political narratives are told about it.

[AdrianBoyko]

I sold all my black gold investments so I could reinvest in Texas tea.

[brexistentialism]

Business cycle theory. Next up: AI, surface physics and nanotechnology.