The 3 basic needs of humankind that include food, shelter and clothes have evolved over time and now, few more things have been added to this list like electricity, internet etc. This is at an individual level. However, if you consider an entire nation then fulfilling these needs is almost impossible without one thing and that’s crude oil. Crude oil doesn’t affect our life directly but it’s an indirect basic need of our life.
This basic need was controlled by a global cartel called OPEC (Organization of Petroleum Exporting Countries) along with Russia & US till now. Whenever a government was questioned about rising oil prices, it blamed the international oil prices. But, the nation never questioned that why can’t these prices be controlled at an international level? But now the things have changed with Saudi Arabia breaking the cartel and engaging in a price war.
about 6 months ago