Constructive Approach towards Energy Issues

  • 25 November 2015

The 21st Annual Energy Conference – organized by the Emirates Center for Strategic Studies and Research (ECSSR) under the title ‘GCC Oil in World Energy Markets: Continuity and Change’ – at its headquarters in Abu Dhabi got underway yesterday and continues today. The conference takes place at a time when rapid developments are unfolding in the global oil and energy markets. Hence, issues raised at this conference are of paramount importance and have repercussion at national, regional and global levels. Ongoing developments related to world oil and energy markets are very much on the conference agenda. They dominated several rounds of discussions during the first day and were the topic of several research papers.

The speakers at the conference bring their views and share potential future scenarios for global oil and energy markets and the impact they may have on the GCC countries. The conference highlights the significant role the ECSSR has played in this field. Transformations taking place in the global oil and energy markets, especially since the slump in oil prices and decline in global demand, is leading to a shift in focus towards the East. These challenges will affect economies of GCC countries and compel governments to find innovative ways to address them. Participants in the conference referred to this during the first day’s proceedings, stressing the need for GCC countries, and other major oil producers, to weigh options between increasing production capacity and economic diversification and sustainable growth.

The first day of the conference also highlighted many important issues, including the potential return of Iranian, Iraqi, and Libyan oil to the markets and the OPEC response towards maintaining its relevance to global energy markets. This is besides the tasks of ensuring stability of oil markets and not allowing disruptions to take place. Discussions on these issues have enriched the conference and increased their importance for decision-makers in OPEC and other oil-producing countries. This shows the vital research inputs the ECSSR provides as a leading institution that contributes to the nation’s march towards comprehensive and sustainable development. The Center supports the UAE’s role as a significant power on the global energy map.

The importance of the conference is also reflected in the number of experts and decision-makers from around the world who were keen to participate in it. It shows that the ECSSR’s activities have become a platform for global dialogue and made it one of the most important and distinguished think-tanks that has built significant credibility and trust. This is not only due to the Center’s scientific and research contributions in the field of oil and energy but because it addresses all strategic issues and highlights serious interdependence of various issues on the rapid developments taking place around the world.