Climate deal won't have immediate impact on Gulf oil

Description

Andreas Krieg, a political risk analyst specialising in the Middle East, said it was a "significant and trend-setting statement" as it was agreed in the UAE under a COP28 president, Sultan Al Jaber, who is CEO of oil giant ADNOC.

"I think this is a shift in narrative for the hydrocarbon rentier states of the Gulf, who understand that the intent of phasing out fossil fuels will be reality-checked by a fairly stable demand for oil and certainly gas in the coming decades outside of the developed world," he said.

Krieg said the Saudi opposition "has to be seen in the light of growing intra-Gulf competition and was an attempt to undermine the prospect of COP28 becoming successful.

"However, considering that the global consensus was so strong and overwhelming, Saudi did not want to be seen as the odd-one out."

Period	15 Dec 2023
Held at	Agence France Presse