Pandemic strains Gulf’s domestic energy balances
International attention may have focused on their Opec+ oil market stabilisation role. But the region’s NOCs have had concerns closer to home
Mid-East Gulf firms have been prominent actors in the global energy market’s response to the disruption caused by the coronavirus pandemic. But they have also had to contend with profound effects on their domestic energy markets. Their responses have been largely successful but highlight the need for greater flexibility and continuing restructuring. As in the rest of the world, the pandemic brought a collapse in mobility. Saudi gasoline consumption plummeted from 583,000bl/d in January to 231,000bl/d in April and had rebounded only partially to 482,000bl/d by September. Airports were virtually shut down in April and May (see Fig.1), and only Dubai and Riyadh have since staged a partial recov

Also in this section
16 June 2025
The launch of the much-needed yet oft-delayed Africa Energy Bank remains shrouded in questions and funding constraints, but its potential is clear
16 June 2025
BP and partners have reached a $2.9b FID on a new phase at Shah Deniz, but slow progress on other gas projects is attributed to a lack of European support
13 June 2025
The two oil heavyweights’ diverging fiscal considerations are straining unity within the group
13 June 2025
US policies may have lasting effects in sectors such as energy, that rely on predictable rules and long-term planning