On October 18, 2018, the Arab Gulf States Institute in Washington convened its fourth annual Petro Diplomacy conference, “Back to the Future – Oil and Gas at the Center of New Growth in the GCC States.”
Looking to boost oil prices, OPEC and its non-OPEC allies have agreed to curtail oil production by 1.2 million barrels per day, but the volume of barrels taken off the market may prove to be much higher.
Qatar’s recent Cabinet reshuffle and announcement it will withdraw from OPEC are decisions that are not likely to herald a strategic shift in the country’s direction, but they do demonstrate that Doha is, once again, pursuing its own regional interests.
Ahead of their December 6 meeting in Vienna, OPEC and its non-OPEC allies are considering whether and to what extent they need to curb production to balance an oversupplied market and lift oil prices. But Trump’s pressure to keep oil prices low will make their job that much harder.
Iraq’s new oil minister, Thamir Ghadhban, has managed to maneuver his way around the maze of Iraq’s sectarian politics; now, he will have to oversee a restructuring of the energy sector without upsetting the vested interests that have benefited from the absence of good governance across the Iraqi political spectrum.
While a new round of U.S. sanctions targeting Iran’s energy sector is more restrictive than previous sanctions, it is clear Washington is wary of administering a shock to oil markets.
The Gulf states are in many ways among the most vulnerable to the effects of climate change. Carbon pricing could be a useful tool to meet emissions reduction goals and hence reduce the adverse climate impacts on the region, while at the same time presenting opportunities for economic diversification.
While pursuing long-term economic reform and diversification, Saudi Arabia needs to show that the kingdom is an attractive, business-friendly place; yet recent moves have worried investors over the business environment, and raised some concerns over the impact on oil policy.
Saudi Arabia’s decision to delay a $200 billion solar power project with Japan’s SoftBank casts doubt on the future of the kingdom’s solar energy initiative.
To meet the dual challenge of energy security and climate change, the Gulf Arab states need a holistic understanding of energy systems when planning an advantageous energy mix.
Learn MoreThrough its careful examination of the forces shaping the evolution of Gulf societies and the new generation of emerging leaders, AGSIW facilitates a richer understanding of the role the countries in this key geostrategic region can be expected to play in the 21st century.
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