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The Changing Face of Energy

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Questions and Answers

Why are big oil companies like Aramco turning to alternatives?

To reduce dependency on Western nations

To increase profits from renewable energy sources

Due to worries about climate change and non-renewable resources (correct)

To avoid competition from other oil-producing nations

What was the Middle East known for exporting in the past?

Technology and machinery

Vast amounts of oil or gas (correct)

Agricultural products

Renewable energy sources

What has been a major source of economic growth and development in the Middle East?

Oil (correct)

Tourism

Technology advancements

Renewable energy

Why are worries about climate change increasing in the Middle East?

Due to the region's significant contribution to climate change Signup and view all the answers

What could eventually lead to a decline in profits for oil companies in the Middle East?

The eventual depletion of oil as a non-renewable resource Signup and view all the answers

What did the Aramco chief predict about oil demand in 2045?

It will increase by 101 million barrels Signup and view all the answers

What did recent studies indicate about the financial requirement for a huge oil spike in 2045?

Aramco needs about 12.1 trillion dollars Signup and view all the answers

What did the Aramco chief assert about the potential of alternative energy sources replacing oil and gas?

They would not and cannot replace oil and gas Signup and view all the answers

What was the difference in the amount of money renewable energy and oil received in 2022?

Renewable energy received about 48 billion dollars more than oil Signup and view all the answers

What impact did the drop in oil/gas prices in 2022 have according to the Aramco chief?

It was severe, amounting to 400 billion dollars Signup and view all the answers