What will happen to the oil producing Countries if we found a way to reduced our?

Question

dependency on oil by 50% in a year with help of an amazing newfound technology never seen before?

Answer 1

THEN THE U.S WILL GO INTO WAR WID THE COUNTRY THAT HAS MORE OIL PRODUCING

Answer 2

The demand for oil will lessen but the oil producing country will still be the same only their economy will change due to the lesser demand of their main product.

Answer 3

The price of oil will fall and their new found income will return to what it was a decade ago.  Since in most oil producing countries the wealth is held by only  a few rich people and mostly invested in the developed world, it will not have  very much effect on the lives of ordinary people of the countries.

Answer 4

Those that have used petro wealth to create diversified economies (e.g. Norway) will transition rather well. Those that do not (e.g. Venezuela) will have a tough time of it.

Answer 5

The global demand would drop substantially and opec would probably start choking off supply again to keep prices higher like they used to have to do.  Considering there's no amazing technology to speak of in the next year that isn't a very likely scenerio.  Especially considering it's not like you can go around to people and say hey trade in your old car for this new amazing vehicle it's free.