On 12 May, King Abdullah Petroleum Studies and Research Center (KAPSARC) and the United Nations Economic and Social Commission for Western Asia (ESCWA) held a webinar titled “Oil Market Crisis, COVID-19, Economic Recovery: Implication for Arab Countries,” with the participation of the Oxford Institute for Energy Studies, Arab Petroleum Investments Corporation (APICORP) and the Arab Energy Forum.
Holding this webinar was important in the context of the developments witnessed by the Arab and international oil market due to the current crisis, as governments globally are working to respond to the current situation resulting from COVID-19 and its effects on the economy and daily life. This increases the economic downturn that has begun to unfold after the downfall of global oil prices and the erosion of global energy demand, with an oversupply in global energy markets and a major demand shock. Accordingly, the webinar discussed the various weaknesses associated with the sustainability of energy systems in the Arab region, in addition to reviewing solutions to support social and economic growth in light of the consequences and challenges resulting from the spread of the pandemic.
Furthermore, as a think tank specialized in energy economics, policies, and technologies, KAPSARC participates in several webinars to discuss the global developments caused by the pandemic on the level of energy, economy and society, especially since the current situation of global affairs is unprecedented. The intersection of energy markets with geopolitical considerations is how the international community responds to the oil market crisis, in which the Arab oil producers will play a major role.
It is noteworthy that KAPSARC announced last February its progress in the list of the best research centers regionally and globally. KAPSARC jumped 14 ranks in the Middle East and North Africa (MENA) research centers to rank 15th among 103 research centers in the region, and ranked globally 13th out of 60 research centers specializing in energy policies and resources.
It is also noted that KAPSARC has various partnerships with a number of international and regional think tanks. KAPSARC regularly organizes – according to these partnerships – several workshops to discuss the latest developments and topics in various fields, including: energy, economics, environment and transport. These workshops are an opportunity to share international experiences between the participating parties, in addition to publishing the summary and recommendations of these workshops on KAPSARC’s website.