Navigating the Future of the Energy Transition in the Middle East Gulf Economies Post COVID-19
| Author | |
| DOI | 10.3366/gels.2020.0031 |
| Published date | 01 August 2020 |
| Date | 01 August 2020 |
| Pages | 217-222 |
The adoption of renewable energy has been advancing in the Middle East
However, one thing to bear in mind is that the energy transition will not happen overnight. The context of our work revolves around the impact of the oil price shock, COVID-19, and navigating what the future of the energy transition for gulf economies. Our work briefly mentions the notion of a ‘Just Energy Transition’ as future considerations in our concluding remarks.
Considering recent events, Middle East petroleum producers were first negatively impacted by the collapse in oil prices. Then the COVID-19 pandemic happened and ‘eroded a third of global energy demand, halted investments in ongoing as well as future projects, and raised uncertainty of future employment’, mainly in the petroleum sector.
The oil price shock of demand destruction resulting from COVID-19 containment measures, and the oil price war over market shares before April2020's OPEC++ agreement is having a devastating impact on the region's economies creating social and political risks.JP Morgan estimates that for the fiscal year 2020, oil demand is forecasted to average 90.4 million barrels per day (mbd), equivalent to a loss of 9.5 mbd year-on-year
Despite the call to diversify away from hydrocarbons, petroleum is still relevant now and in the future. In general, everything humanity derives from a crude oil base.
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