The GCC chemicals and petrochemicals industry demonstrated considerable resilience in the face of Covid-19 and oil price fluctuations.
Oman Energy
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Economic update | What impact will the rise in oil prices have on the energy transition?
16 Feb 2022
Amid an increase in global demand and concerns over key supplies, global oil prices are approaching $100 per barrel for the first time since 2014. But, with prices rising, what does this mean for the renewable energy transition, especially in Gulf countries?
With hydrocarbons-rich countries in the Gulf increasingly looking to reduce their carbon emissions, some in the region are turning towards multi-coloured hydrogen as a more environmentally sustainable solution.
Oman has moved to diversify its energy mix with the commissioning of new renewables projects, while the partial privatisation of downstream services looks set to generate opportunities for both domestic and international investment.
The expansion of a major gas project, the announcement of new finds and investment in downstream oil infrastructure are expected to support fresh growth in Oman’s energy sector.
Oman is seeking to enhance its upstream gas segment to supply growing demand, with major upcoming projects expected to help achieve this goal.