The 26th United Nations Climate Change Conference, COP26, has reminded the world that the end of fossil fuel production has to come sooner rather than later. And for decades now, the countries of the Gulf Cooperation Council have all publicly recognized the unsustainability of their oil rent economies and committed to weaning their economies off their hydrocarbon income. Regardless of public announcements, however, fossil fuel production in the Gulf has actually increased by about one-third since 2000. The largest increase was in Qatar, doubling production until 2013 and shrinking slowly in recent years. Saudi Arabia’s output grew by 31% until 2016 and has also been declining slightly since, while the UAE’s production grew by about 60% and sees no sign of abating. Production dipped in 2020 due to the coronavirus pandemic but is already rebounding.
Toward a Portfolio-Based Gulf Economy? (Frederic Schneider, AGSIW)
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