Current Developments in the Oil Markets

  • 12 March 2015

Owing to its keenness to contribute towards boosting economic progress in the UAE and the Gulf region, the Emirati Center for Strategic Studies and Research (ECSSR) organized a symposium – Current Oil Market Developments and their Impacts on the Gulf Cooperation Council (GCC). Held under the patronage of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the symposium brought together several renowned economists and experts on energy.

The session tackled one of the core issues, which is of immense strategic importance to the region and the whole world, especially in view of the changes taking place in oil markets. These changes have major significance for the GCC. Several issues related to the recent drop in oil prices were addressed during the session and forecasts were made regarding the future of unconventional fuel and its impact on the future of energy security. The session also discussed the factors controlling petroleum prices, which are not bound to economic conditions alone but extend to geo-political as well as security turmoil in oil-producing regions.

In his opening remarks, His Excellency Dr. Jamal Sanad Al-Suwaidi, Director General of the ECSSR, presented his views on these developments as well as their repercussions in the wake of the Russian-Ukrainian crisis, the threat of terrorism in petroleum producing countries, shale oil and its impact on the international petroleum and energy map. He emphasized the significance of these changes and the need to factor them in while safeguarding the interests of international energy markets as it fuels development around the world.

The ECSSR organized this important event as part of its role to serve the cause of development in the UAE and the GCC. The subject tackled during this event closely relates to sustainable development in these countries. It was within the framework of ECSSR’s exceptional interest in energy and its various dimensions. Since 1995, the ECSSR has been organizing annual energy conferences in which a variety of cases and scenarios are discussed. Distinguished specialists and experts, from within the UAE and abroad, have been participating in these conferences.

These experts are aware of the importance of establishing an integrated and comprehensive scientific and information knowledge base in this field which is related to economic progress. This explains the immense interest in such events and the discussions and studies presented during them. The interest shown by government and research institutions is due to the benefit to be accrued from international energy security and serving the goals of comprehensive and sustainable energy for the countries of the region and the whole world.