For a while now, you can scarcely hear the term peak oil, which was widely used in the past to describe the end of the cheap oil era. For a while, it seemed that we are running out of oil, with the price exceeding $100 per barrel. But then United States shoal revolution got into the high gear, and prices came tumbling down, falling for a while below $40 threshold. For many oil producers, this is hardly enough to keep operating, and for many oil producing countries, especially those in OPEC, low oil prices are creating havoc in governments’ budgets. Insidermonkey experts made a list of 10 countries that are running out of oil.
Current low prices are driving the consumption through the roof, and countries like China and India are yet to reach their peak consumption. Both of these countries are still using far less oil per capita than Western countries, but the gap is getting smaller every year. With their limited reserves and production, they are heavily dependent on imported oil and will be even more so in the future. The current paradox of increased demand and falling prices can’t hold for much longer, and when the market corrects itself, there will be some serious consequences, especially for countries that are running out of oil. You can also check our list of the countries that produce the most oil.