Abstract
In the annals of the energy industry, the year 2020 marked perhaps one of the most profoundly disruptive sequence of events that have adversely affected markets, prices and livelihoods. The disruptive impact of the astonishingly rapid emergence of the US as the world’s leading oil and gas producer over the past decade and the onset of the global coronavirus pandemic in the first quarter of 2020 on Middle East geopolitics has been profound. The dire outlook for the Gulf Cooperation Council (GCC) countries in their quest for economic diversification in a context of relatively low oil and gas prices highlights the importance of Asia in resuscitating global demand for oil and gas as the world economy emerges from the Covid lockdowns. The increasingly important role of China -- among the world’s largest importers of oil and gas and a major capital investor in the region -- and the future actions of a Biden presidency are key factors that will constrain the economic outlook for the GCC countries and Middle East geopolitics.
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