Why not rich Muslim countries (that produce oil) help the world today by multiplying the oil productivity?

Take pre emptive measure by controlling the price below USD100 per barrel.





The price goes up due to higher demand %26amp; less supply. If producers of oil are greedy enough, they are happy to see the soaring price %26amp; will not bother to multiply their productivity capacity.





As such, why not the Gulf countries initiate the effort among big oilproducer countries to meet up the demand, in order to add up the capacity %26amp; producing more barrels per day.





We (oil producing Muslim countries) will be able ease the people worlwide especially poor countries %26amp; that good deed is a basic duty of true Muslims.Why not rich Muslim countries (that produce oil) help the world today by multiplying the oil productivity?
Excellent suggestion. This would be a stellar example of a true religion of peace. Don't hold your breath, though. Why not rich Muslim countries (that produce oil) help the world today by multiplying the oil productivity?
Oddly enough, one could make the argument that OPEC greed is a great favor to the West.


Although a viable oil-free economy and transportation system is a long ways off from becoming reality, the pressure put on the non-OPEC world is such that it may become reality several decades earlier than it would inevitably become otherwise.


Every wind turbine, every solar panel, every advance in batter technology, every advance in fuel-cell technology is another ';middle finger'; from the West to the states of OPEC.
There is enough oil for the demand world-wide. The problems come from market speculation and oil companies. Plus, the countries don't have an unlimited supply of oil so they should only export enough to cover demand and not exceed too much as this would lessen the supply that they have.





Nichole
Incase you didn't notice, demand is now going down and so are prices, so they're not exactly soaring anymore. This question would have been more suitable a month or two ago though. However, prices are currently the lowest in 3 months. Which doesn't sound like much, but it's quite a bit considered how fast they went up.
Doesn't work that way Victor, it is a bit more complicated than that.





I don't mean to sound condescending but there are free courses online on globalization, macroeconomics, the WTO, World Bank, IMF and the global economic policymakers from WWII to the present that should clear it up for you if you are truly interested in such topics.









Peace and blessings be upon you.


The oil which the nature produced along millions of years , the developed countries finished it during 100 years.


The black gold is not a renewed energy.
They have to keep the oil prices high. Cheap oil cannot fund weapons and training to terrorists.
%26amp; increase the CO2 so that the global warming increases and half our grandchildren drown or die from other effect of climate change
As I heard one said: Everybody talks on how to satisfy gluttony. Why not address this gluttony?
They are not able to.
Saudi Arabia is already attempting to do this exact thing. Getting more oil out of the ground is much more difficult than pressing a little button. New wells have to be dug, new platforms built, new oil lines buried and connected; it is an incredibly long process actually. There best interest is to produce more oil. If they run dry on oil, it'll get ugly for everyone. Sure, they'll make much more money per barrel for the next 10 years. While we run short on that though, all other countries will work on alternative fuels, which we will have by then. This will leave all the incredibly wealthy Princes in Middle Eastern countries, such as Saudi Arabia, completely broke. From there though, I can't even begin to guess what will happen though.