Diversification and Dependence

One of the most politically-charged regions in the world today, the Middle East, is notable for holding around 40% of the global oil and natural gas reserves. Several representatives from the region attended the first session of the ongoing convention of the Organization of Petroleum Exporting Countries (OPEC). A discourse during which the idea of diversification was discussed amply focused on the reduction of economic dependence on fossil fuels. The economic process entails a proposed increase in the range and variety of products an organization produces.

The representative of the Kingdom of Saudi Arabia (KSA) proved to be a vociferous advocate for expansion into the industry of tourism and alternative sources of energy, as he believed that “Oil will eventually run out.” However, recent developments indicate that the discovery of several large oil fields in the Southern Pacific Ocean, off the coast of Ecuador (another member of OPEC) could lead to a significant growth in the availability of oil and fossil fuels. The United States of America (USA) is likely to express interest in this region.

In addition, the false notion of ‘climate change’ was briefly entertained, first appearing in a speech by the delegate of Indonesia. Thankfully, the committee naturally distanced itself from the idea, latching on to the representative’s assertions regarding diversification, including tourism and agriculture.

OPEC’s convention was marred partially by the numerous fallacious claims by the Iranian representatives, indicative of the state of the current political landscape in the country. The delegate insisted that “oil isn’t sustainable in the long term [sic],” incorrectly attributing their claim to ‘reducing prices and failing demand [of oil].’

OPEC looks to be heading on the right track, despite occasionally being sidetracked by trifles – climate change, ‘energy crises’ and the laughable idea that oil isn’t a sustainable long-term investment. Representatives of Fox News are set to interview members of the committee in a press conference later today. Given the relevance of the USA to this convention, we encourage our readers to closely follow the proceedings over the conference over the coming sessions.

Reporter: Akrit Agarwal, Fox News

Editor: Akshita Mathur