Oil prices have surged to their highest level since 2014, following rising post-lockdowns demand and geopolitical strains. Additionally, war between Russia and Ukraine is increasingly threatening supply shortages and a further spike in crude prices, with potential severe consequences for the global economic recovery and international equilibriums. Russia is the third largest oil producer and the second-largest crude oil exporter and sanctions over its energy sector will have global effects. With OPEC+ resisting calls to increase output significantly and the receding perspectives of a swift return of Iranian crude to markets, prospects for alleviating the crisis in the short term are fading away.
What are the implications for oil markets and industry in the Middle East and North Africa region? To which extent rising oil prices could widen the economic gaps between oil exporters and importers? How do growing prices affect the post-pandemic economic recovery in Europe and in the MENA region and how do they influence the trajectories towards economic diversification, energy transition and carbon-neutrality?
Naser Al-Tamimi, Senior Associate Research Fellow, ISPI
Giacomo Luciani, Scientific Advisor, Master in International Energy, PSIA, Sciences Po
Carole Nakhle, Founder and Chief Executive Officer, Crystol Energy
Li-Chen Sim, Assistant Professor, Khalifa University; non-resident scholar at US Middle East Institute
Matteo Villa, Senior Research Fellow, Co-Head Data Lab, ISPI