Introduction: Economic Sustainability of Oil Economies

When can oil economies be deemed sustainable? This complex question has been profusely debated in the last 5 years. The timing of this debate is no coincidence. On the one hand, the pace of environmental degradation has aggravated, in terms of air pollution, carbon emissions and the impacts of the planet’s warming. On the other hand, volatile international oil markets and the acceleration of the energy transition have challenged the notion that oil revenues are sufficient to sustain oil economies in the near to medium term. With current challenges predicted to pursue in the near future, a more in-depth discussion about sustainability is warranted.