How are Middle Eastern energy giants reshaping energy markets?
Weeks away from COP 28 in Dubai, in a new ECTC briefing paper, Dr. Cyril Widdershoven draws attention to the rising prominence of energy giants from the Gulf Cooperation Council (GCC) countries both in the oil and renewable markets.
Key highlights
- GCC state-owned national oil companies, utilities and sovereign wealth funds are increasingly shaping the oil market.
- Saudi Arabia and the UAE are leading this effort by positioning themselves as suppliers of last resort, entering oil trading and diversifying into renewable markets.
- This impacts the Amsterdam-Rotterdam-Antwerp (ARA) region both in terms of its role in the oil trade, but also the emerging green and low-carbon hydrogen and ammonia trade.
Interested to read more? Read the full publication here.