As the price of oil continues to fluctuate in the face of global market challenges, policymakers worldwide are taking the brunt of a dual crisis born of energy security and a creeping climate catastrophe.
Majid Jafar, CEO of Crescent Petroleum and Vice-Chairman of the Crescent Group, has been with his family business for 18 years and has seen this price cycle before. He believes that at least five major oil price cycles over the past five decades have led to volatile spikes of between $20 and $100 per barrel over the last two years. In his mind, for a more stable future, energy security and energy transition should be considered in parallel. “These are challenging times for the whole world. Energy is the lifeblood of the global economy, and it must be available and affordable as well as environmentally sustainable,” says Jafar. “We need to see more rational, long-term thinking and planning, with energy and large-scale strategic and science-based investments.”
He’s not alone in his analysis. With global energy demand expected to grow 30-50% by 2050, according to UBS data, experts say that more needs to be done to decarbonize the world economy successfully. “The energy crisis presents a threat to global economic growth,” says Michael Bolliger, Chief Investment Officer at Global Emerging Markets, UBS Global Wealth Management. “But although near-term visibility is low, we’re convinced that the crisis will accelerate the energy transition, providing opportunities and risks for the Middle East.”
この記事は Forbes Middle East - English の September 2022 版に掲載されています。
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この記事は Forbes Middle East - English の September 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
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