Tunisia Telegraph: Oil Age Ending Challenges for Arab and African Economies

An international report predicts that the world will gradually move toward the end of the oil era, which could lead to deep financial and economic crises in many producing countries, especially Algeria, Nigeria, Angola, Iran, Iraq, and Libya. The report indicates the possibility of oil revenues declining by as much as 87% in Algeria by 2030, and by 60% in Nigeria, due to a global decrease in demand driven by the shift to clean energy sources and advances in technologies such as electric vehicles. The challenge lies in that countries with similar reliance on oil will struggle to finance public services if they do not diversify their economies quickly; falling demand could lead to economic and security disruptions, especially since oil accounts for over 40% of revenues in at least 17 countries. As for the future of the market, it is expected that countries with low costs and large reserves, like Saudi Arabia and the UAE, will be able to withstand the changes, while nations with less diversified economies will face greater pressure on their budgets. The report emphasizes that this transformation not only threatens the economy but also the security and stability of states, with the potential for financial crises and social unrest if countries do not adequately prepare for these shifts in the energy market.

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