This is an old old story of world affairs but it proves nothing has materially changed because of things like the UN or World Bank etc.
Nigeria is the eighth largest oil exporter in the world in terms of value. The main destination areas of crude oil from Nigeria are Europe and Asia. In the second quarter of 2023, the export value of crude oil to Europe amounted to about 1.48 trillion Naira (4 Billion dollars), while exports to Asia followed with 1.2 trillion Naira
Nigeria exported $4.83B to United States. The main products that Nigeria exported to United States were Crude Petroleum ($4.02B), Refined Petroleum ($254M), and Nitrogenous Fertilizers ($227M)
Nigerians lament hardship over cost and unavailability of fuel
--Google front page
See the disparity there? The first story deftly ignored the shipments to the US.
September 2024
Nigerians have voiced their frustrations over the worsening fuel scarcity, which has significantly impacted their businesses and daily earnings. Many have resorted to buying from the black market, where prices have skyrocketed from 630 Naira to over 1,000 Naira per liter.
https://punchng.com/nigerians-lament-ha ... y-of-fuel/Population Nigeria: 218.5 million (That's a lot!)
770 Nigerian Naira is about 48 U.S. cents, so they have cheap fuel, by our standards, but they can't source what they need for daily life, supply is obviously being restricted, sent abroad to satisfy the West, it's a bidding war. 218 million, that's in the ballpark of the US population, the largest consumer per capita on the planet. Imagine if the Nigerians had all that oil and oil products to themselves, how good would be their standard of living?
That's ok, we deserve it by any measure, the World isn't a fair ground and never was. But it is a fairground in the sense if you don't have the money, you don't go on the rides. This shows how Peak Oil plays out. All around the world nations are seeing their standards of living eroded, even if they have abundant oil! The traditional colony nations are fairing the worst, but naturally Australia is an exception because it's basically all White. Africa is basically all Black and south America all whatever they are called (by skin color, by cultural heritage) So nothing changes, no wonder there are things like the BLM etc, a lot of non-whites feel hard done by, and they are
As we move further and further past the Peak of conventional cheap oil, back in 2007, things are getting tougher and tougher. People who own homes are racking up debt on their credit cards at a furious rate, they buy their daily groceries on it, get flybys, but the debt piles up and the mortgages grow for many as they "take equity out" believing they live in a magic money tree. Of course the rot had set in for America long before the Global Peak in 2008, they had peaked in 1970 and if it wasn't for the $US money shuffling that nation would be a lot worse off than it is. But Australia turned its corner in 2000 about and had to start importing refined product and oil, The UK when the North Sea petered out.
Again, and old old story, and don't be misled by the current accounting of shale oil or Gas liquid components. That's not cheap oil, that's unborn oil that undergoes an expensive process. Neither is deep-sea oil cheap, and they add nothing to the living standards of a nation as a whole, only to the living standards of a select minority. They allow us to keep our cars and trucks running at the old price but little else. There is nothing left over to build out a nation or even maintain what we have in a proper manner. Our societies are crumbling around us but we can still drive to chick-o-fill and stuff our faces.
The only 'peak' worth considering for the common man is 2008, signaled by the biggest price spike in history and the collapse of the financial system that was quickly wheeled into the OR and brought back to life with the greatest money creation package in history. Everything since then has been a patch up job, The global economy is like an old person in a wheelchair on a drip, just waiting for their next heart attack, the last one.
The 'peak oil' story is not over by any means. Fracking was a desperate and ruinous sort of pause, which has been used to crank up demand.