According to claims made by a non-governmental organization that State-owned oil companies will make an apathy decision to invest about $400 billion in the next decade on new oil projects. As the world is moving towards renewable energy resources, this will be a wrong door to knock down. Oil prices have ascended to around $60 this week, after dipping below $20 last year when demand dropped due to the Covid-19. In the future, the analysts and energy firms claim that there will be more decline in spite of any pandemic or plague situation. Major oil companies like BP, Total and Royal Dutch Shell have progressively lowered their long-term oil price estimates to the $50-60 a barrel range. In countries where about 280 million people live below the poverty line, funds must be invested in more challenging departments such as healthcare, education or diversifying the economy to defeat inequality.
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