Shift away from oil gathers pace

24 June 2021
The global energy transition picked up pace in 2020 and 2021 with a decisive shift away from oil and a decline in planned Middle East hydrocarbon projects

Click here to download the infographic

End in sight for oil dominance

Regional oil and gas companies must face up to the global energy transition

The rally of crude oil prices in recent weeks, after the devastation caused by the peak of the Covid-19 pandemic last year, is reminiscent of previous boom cycles that have strengthened the oil exporting economies of the Middle East and North Africa (Mena) region.

Global benchmark Brent crude was trading at about $73.7 a barrel as of mid-June, a rebound of 88 per cent compared to the same period last year and an increase of about 42 per cent year-to-date.

Brent is barely expected to breach the $80-a-barrel mark during the present rally, remaining significantly short of the historic high of $140.31 a barrel that it attained in June 2008. Nonetheless, the recovery of prices in the second quarter of this year has been strong. Read more here

The quandary of oil hitting $100 a barrel

 

Subscribe to MEED

 

This infographic has been unlocked to allow non-subscribers to sample MEED’s content. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s business intelligence, subscribe here

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications