Advancing Resilience to Price Volatility in Oil and Gas Markets: Current Challenges and Ways Forward in the MENA Region

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

Abstract

The issue of disaster risk reduction and resilience (DRRR) in the oil and gas industry has been high on the agenda in oil- and gas-dependent countries of the Middle East and North Africa (MENA) region for a while. For many years, the economic well-being and sustainable development of several MENA countries have been highly susceptible to cyclical swings, due to frequent social and economic disruptions associated with oil price volatility. The paralysing disruptions to MENA oil and gas markets in light of the COVID-19 pandemic have further exacerbated these concerns. The uncertain levels of finance for energy projects during the ‘boom or bust’ cycles result in disruptions to projects and efforts aimed at promoting energy security and decarbonization across the region. This raises the need for holistic DRRR frameworks to anticipate, mitigate, and absorb the impacts of oil price volatility on energy availability, affordability, and accessibility at local levels. This chapter examines legal and governance aspects of designing and implementing DRRR frameworks to better address the disruptive impacts of oil and gas volatility in MENA markets. Various legal and institutional challenges that arise with extant DRRR frameworks in the region are discussed to identify how an integrative legal framework on resilience planning can help close these gaps.
Original languageEnglish
Title of host publicationResilience in Energy, Infrastructure, and Natural Resources Law: Examining Legal Pathways for Sustainability in Times of Disruption
PublisherOxford University Press
Publication statusPublished - Mar 2022

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