Letter from the Middle East: Green shoots of recovery

There are many reasons to be cheerful across the Mena oil and gas patch

The hard times of 2020 are behind many oil and gas companies in the Mena region, with exploration increasing and projects stalled by the impact of Covid-19 regaining momentum. In a further sign of recovery, nearly $60bn in upstream opportunities is set to come to market this year. Saudi Arabia has consolidated its position as the world’s largest oil exporter, and the normalisation of ties with Qatar and its Gulf Cooperation Council neighbours has led to further economic growth in the Kingdom. As easing Opec+ cuts take effect, Saudi Aramco looks set to embark on a revamped strategy to increase gas production and commit to further gas-to-power projects in order to free up more oil for export.