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Middle East poised for breakthrough in European energy markets

A general view of Saudi Aramco's Abqaiq oil processing plant on September 20, 2019. - Saudi Arabia said on September 17 its oil output will return to normal by the end of September, seeking to soothe rattled energy markets after attacks on two instillations that slashed its production by half. The strikes on Abqaiq - the world's largest oil processing facility - and the Khurais oil field in eastern Saudi Arabia roiled energy markets and revived fears of a conflict in the tinderbox Gulf region. (Photo by Fay
To:

Al-Monitor Pro Members

From:

Gerald Kepes

President, Competitive Energy Strategies, LLC

Date:

July 11, 2022

Bottom Line:

European energy markets, especially in Germany, have just been given a crash course on national energy security given their dependence on Russian supplies, and more critically natural gas. For the MENA region’s national oil companies (NOCs) and well-positioned international energy companies (IECs), this presents a significant opportunity to provide Europe with alternative natural gas supplies. Moreover, this is a unique moment for the MENA region to secure badly needed large-scale renewables projects needed to achieve national energy security (NES) for their own markets. For Europeans, this is an opportune time to rebuild a lower-risk energy transition bridge required for robust national energy security, based on reliable, affordable and sustainable (clean) energy supplies.