{"id":118474,"date":"2021-03-25T05:41:00","date_gmt":"2021-03-25T05:41:00","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118474"},"modified":"2021-03-25T05:41:00","modified_gmt":"2021-03-25T05:41:00","slug":"energy-transition-risks-political-strife-in-oil-producing-states-report","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/energy-transition-risks-political-strife-in-oil-producing-states-report\/","title":{"rendered":"Energy transition risks political strife in oil-producing states: report"},"content":{"rendered":"

LONDON (Reuters) – The transition towards green energy imperils oil-producing states that have lagged in diversifying their economies, United Kingdom-based risk consultancy Verisk Maplecroft warned in a report on Thursday.<\/p>

FILE PHOTO: A woman walks over pipelines crisscrossing Ogoniland in Rivers State, Nigeria September 18, 2020. REUTERS\/Afolabi Sotunde\/File Photo<\/figcaption>

\u201cAlgeria, Iraq and Nigeria will be among the first casualties of a slow-motion wave of political instability that will engulf an array of oil producing countries over the next 3-20 years as the energy transition takes hold,\u201d it said.<\/p>\n

Other states facing the greatest risk include Angola, Gabon and Kazakhstan, it added.<\/p>\n

\u201cWith the move away from fossil fuels accelerating, and COVID-19 levelling out any gains oil made over recent years … time is running out for a number of countries that have failed to diversify their economies away from exporting fossil fuels.\u201d<\/p>\n

GRAPHIC: Stagnation nations –<\/p>\n

The outlook for the oil price by mid-century is deeply uncertain, Verisk Maplecroft said, and could lie within a broad range of anywhere between around $48 to $95 a barrel. Brent crude is currently trading around $63 a barrel.<\/p>\n

The U.S. Energy Information Administration offers an even wider spread, predicting in its annual energy outlook last month a 2050 oil price of anywhere between $48 and $173 a barrel.<\/p>\n

Though low-cost Gulf Arab oil producers are best placed to capture market share, they will not be immune from future shocks: a prolonged downturn in prices could eat into foreign exchange reserves and domestic spending, undermining stability, the report said.<\/p>\n

GRAPHIC: Net oil exporters will need to adjust –<\/p>\n

\u201cEven diversification could come with its own political risks by challenging traditional petro-state social contracts: legitimacy to rule in return for hydrocarbon largesse,\u201d said James Lockhart Smith, Verisk Maplecroft\u2019s head of market risk.<\/p>\n

Most oil-producing countries have failed to diversify away from oil and some have even become more dependent since an oil price crash in 2014, the report added, with Norway and Qatar among the modest success stories.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – The transition towards green<\/p>\n","protected":false},"author":3,"featured_media":118473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nEnergy transition risks political strife in oil-producing states: report - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/energy-transition-risks-political-strife-in-oil-producing-states-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Energy transition risks political strife in oil-producing states: report - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – The transition towards green\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/energy-transition-risks-political-strife-in-oil-producing-states-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-25T05:41:00+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/03\/cnewsfotor475.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/energy-transition-risks-political-strife-in-oil-producing-states-report\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/energy-transition-risks-political-strife-in-oil-producing-states-report\/\",\"name\":\"Energy transition risks political strife in oil-producing states: report - 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