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