Is there hope for a new era in the MENA region?
The Future of Oil in the Middle East: How to transform the region’s economies away from hydrocarbon reliance?
Karim El Aynaoui will intervene in a session revolving around the question: is there hope for a new era in the MENA region ? This presentation will take place in the context of the seventh summit of the London Energy Club.
This meeting addresses a major task in the post-Covid environment where low demand, volatile prices, climate change commitments, worldwide recession and geopolitical tensions affect severely these economies - a group which 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.
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, the oil cartel Opec and other allied producers such as Russia have agreed record production cuts, which have further reduced their income.
This event is organized by The London Energy Club in partnership with Iraqi Energy Institute and King Abdullah Petroleum Studies and Research Center, Saudi Arabia on Wednesday at 13:00 BST (London time).
For more information and to register,
Karim El Aynaoui, President, Policy Center for the New South