Global Energy Markets and a Strategic Shift in the Gulf

Since Russia's attack on Ukraine on February 24, 2022, the oil- and gas-rich Gulf states have been among the biggest beneficiaries of the global energy shortages caused by the halt in Russian oil and gas supplies to most Western countries. In the absence of alternative producers, the Gulf states have come back into focus as strategically important energy exporters. This has not only increased the geopolitical relevance of the oil and gas suppliers of the Arabian Peninsula, it has also provided them with considerable profits due to exploding energy prices and thus strengthened the financial influence of the Gulf states.