Does oil still rule the global economy?

Nevertheless, the decline in reliance on oil does not mean its disappearance. The world still needs it in aviation, petrochemicals, and many heavy industries. Moreover, the transition to clean energy requires time, massive investments, and advanced infrastructure, in addition to more efficient electricity grids and greater energy storage capacities.

Therefore, energy security will remain a crucial economic and political issue for decades to come. Nations do not view oil merely as a commercial commodity, but as an element of national security and economic stability. Conversely, technological transformations give countries an opportunity to reduce their exposure to price shocks, but they also open up a new competition over minerals, batteries, grids, and clean technologies—elements that will shape the future of economic power. Additionally, its price volatility can alter the calculations of governments and companies, affecting the budgets of both producing and importing nations.

Therefore, it may be more accurate to say that oil no longer rules the global economy alone, but it still retains an important key to its power. The world has moved from a phase where oil was the center of the economic system to a phase where multiple energy sources compete to lead the future.

The upcoming battle will not be only between oil and renewable energy, but between different economic models: who owns energy, who can secure it, and who possesses the technology required to produce it efficiently and independently.

Thus, the real question may not be: Has the era of oil ended? Rather: How long will the world need until it becomes capable of managing its economy without remaining hostage to oil fluctuations?