Oil Management and the Transition to Renewable Energy: Challenges and Opportunities

Abstract

All societies need energy to meet their basic needs. There is a global trend toward renewable energy sources, given their sustainability, both to meet the growing energy needs of the population and to mitigate the depletion of non-renewable petroleum resources, particularly oil and gas. Therefore, it is imperative to shift oil management from a fossil-fuel-based energy system to a carbon-free system at affordable prices. Therefore, the research aims to understand the concept of oil management, the transition to renewable energy, and identify the most important challenges and opportunities. The research reached the most important conclusions, including the need to transition oil management to renewable energy by investing in renewable energy resources, promoting energy-saving practices, and adopting clean energy technologies.