Proceedings: The Future of Oil in the Middle East: Building Diversified Economies in an Age of Energy Transition

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Iraq Energy Institute was honoured to partner with the London Energy Club for their 8th Summit: The Future of Oil in the Middle East: Building Diversified Economies in an Age of Energy Transition. The webinar took place on July 28th with the following participants:

  • Adam Sieminski, President, King Abdullah Petroleum Studies and Research Center (KAPSARC)
  • Yesar Al-Maleki, Managing Director, Iraq Energy Institute
  • Adel Abdellatif, Deputy Director, UNDP Regional Bureau for Arab States
  • Michal Meidan, Director, China Programme, The Oxford Institute of Energy Studies
  • Gerald M. Feierstein, Senior Vice President, Middle East Institute
  • Karim El Aynaoui, President, Policy Center for the New South

The webinar was moderated by Mehmet Öğütçü, Chairman, The London Energy Club and Global Resources Partnership, UK.

Oil-dependent Middle Eastern economies face a monumental task: as the global energy mix continues to transition, they must manage this change while diversifying away from hydrocarbon reliance. Job creation programs must be scaled up rapidly, but also sustainably. Governance challenges must be addressed while the social contract is maintained.

This is a multi-sided challenge in the post-COVID environment where low demand, volatile prices, climate change commitments, worldwide recession and geopolitical tensions severely impact these economies. This diverse group of countries ranges from Algeria in the west to Iran in the east and also includes the six Gulf Cooperation Council countries as well as Iraq, Libya and Yemen. But the mountain they have to climb is the same.
Oil exporters in the Middle East and North Africa region are expected to suffer a $270 billion slump in oil revenues this year, according to the latest projections from the International Monetary Fund. This is a dramatic downturn that will aggravate existing economic and humanitarian challenges and raise already-high poverty levels. In an effort to shore up prices, OPEC and other allied producers such as Russia have agreed on record production cuts, which have further reduced their income.

But the news is not all bad: most MENA countries still have some fiscal tools to buy time before overhauling their economies, and some are already pioneering renewable efforts, kickstarting their digital economies and drafting new investment laws. But the urgency of this task has never been greater.

Download Webinar Proceedings

Download Presentation by Yesar Al-Maleki
Guest Contributor | + posts

An internationally recognised authority on infrastructure, energy, geopolitics finance, and investment, Mehmet has more than 30 years of successful track-record in the energy business, investment, development, diplomacy, and international organisations, with a particular geographic focus on Europe, Turkey, Central Asia, Russia, the Middle East and China. His professional career has included high-level government, energy business, and public diplomacy engagements.

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Guest Contributor | + posts

Adam Sieminski is the president of King Abdullah Petroleum Studies and Research Center (KAPSARC) since April 2018. Previously, Mr. Sieminski was the James R. Schlesinger Chair for Energy and Geopolitics at the Center for Strategic and International Studies in addition to being a non-resident senior adviser to the CSIS Energy and National Security Program. From 2012 to 2017, he served as the administrator of the U.S. Energy Information Administration (EIA) from 2012 to 2017. During his tenure at the EIA, he was the senior director for energy and environment at the United States National Security Council.

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Managing Director | + posts

Yesar Al-Maleki is an energy economist and a Middle East observer with extensive knowledge of the intertwining subjects of energy, geopolitics, and economics in the region.
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Adel Abdellatif is Deputy Director for the UNDP Regional Bureau for Arab States. Previously, he was appointed Chief of the Regional Programme Division. Mr. Abdellatif is responsible for six programmes in the Arab states region, focused on key issues including governance, trade, water governance and environment, quality assurance in education, technology for development, and HIV/AIDS; he also oversees the flagship Arab Human Development Report and the new Arab Knowledge Report series.

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Guest Contributor | + posts

Dr. Michal Meidan holds a PhD in Political Science and East Asian studies from Sciences Po. Currently, she is the Director of the China Energy Programme at the Oxford Institute for Energy Studies.

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Gerald M. Feierstein is a senior vice president at the Middle East Institute (MEI) in Washington. A retired diplomat, Mr. Feierstein his tenure at the United States Foreign Services spans over 41 years with postings in Saudi Arabia, Pakistan, Lebanon, Oman, Tunisia and others. He served as US ambassador to Yemen under President Obama from 2010 to 2013.

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Guest Contributor | + posts

President of the Policy Center for the New South, and Executive Vice-President of the Mohammed VI Polytechnic University and Dean of its Faculty of Economics and Social Sciences.

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