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Podcast: Middle East Dossier
Episode: Oil & Gas Market Scenarios: Prospects for the GCC countries in a “Net Zero by 2050” World
Description: On 18 May 2021, the International Energy Agency (IEA) published a landmark report on a pathway to net-zero carbon emissions by 2050. Among the many proposals in the report is the call to immediately end investments in oil and gas exploration and development.
Gulf Cooperation Council (GCC) economies still depend heavily on oil and gas for their national income, government budgets and social order. They have all, to varying degrees, embarked on economic diversification initiatives over the last several years to reduce such dependency. However, the dual shocks of relatively low oil and gas prices since mid-2014 and the pandemic-induced...