Executive Summary
There has been a tectonic shift in the structure of the energy market and a realignment of the goals and business models of key stakeholders that dominate the oil and gas industry with huge implications for the petroleum producers of the Middle East. Measures to redesign the global economy that has for decades been sustained by hydrocarbons were in motion before the 2020 onset of the coronavirus pandemic, but the devastating health crisis and its economic impact prompted governments around the world to accelerate their environmental agendas with green recovery packages. More than 50 countries have announced their intention to transform their energy systems to reach net-zero emission targets by 2050 or 2060. Energy transitions are by their nature disruptive, but the pandemic has introduced a risk factor that might play out for years to come.
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About Petro Diplomacy
This paper is the scene setter for the 2021 Petro Diplomacy conference. Now in its seventh year, AGSIW’s Petro Diplomacy conference is a signature annual event that brings together stakeholders in the energy sector of the Gulf Arab states, global supply competitors in North America, analysts, and policymakers to discuss how changes in technology, fiscal priorities, and opportunities for growth continue to alter the relationship between politics and energy for both the region and the world.