Major UAE newspapers covered InterRegional for Strategic Analysis’s November 2022 panel discussion, "Energy Geopolitics: Understanding OPEC’s Role in the Stability of Global Energy Markets." The panel’s keynote speaker was Dr. Cyril Widdershoven, who oversees the Mediterranean Energy Political Risk Consultancy and is the founder of Verocy.
Emarat Al Youm cited InterRegional’s panel discussion when it reported that energy prices would continue to increase until 2025. It also addressed the latest trends in global energy markets and the most significant energy crises arising from the Russian-Ukrainian war. Emarat Al Youm quoted Dr. Widdershoven, who argued that the rise in energy prices was not only the result of the Russian-Ukrainian crisis, but also of the severe effects of speculation on the global energy market as well as insufficient energy supply. Dr Widdershoven noted that even when the Ukraine crisis ends, the deficit of energy in global markets will persist. Energy-intensive industries are collapsing due to decreasing supply.
Al-Bayan wrote in reference to the panel that the world is facing unprecedented challenges with regard to energy supply and fluctuating energy prices. As a result, most countries’ development strategies are severely threatened, especially those countries which were already grappling with the Russian-Ukrainian war or other crises. There are also repercussions from Europe and the US’s engagement in the escalating conflict with Russia.
Al Watan and MENAFN (the Middle East and North Africa Financial Services Network) drew upon InterRegional’s insights during the panel discussion in framing the current crisis as the first large-scale crisis in the history of modern energy. These outlets focused on high inflationary pressures and an imminent economic recession as forecast by the International Energy Agency (IEA)’s World Energy Outlook 2022, which was issued in October. They also drew attention to the sizable profits for fossil fuel producers, given that these profits had risen by $2 trillion compared to the previous year.
Governments around the world will commit up to $500 billion to protect consumers from the direct effects of the energy crisis. The precarious nature of the current energy system and its instability to withstand crises stems from low investment in clean energy.