Middle East crude producers could be said to be the biggest beneficiaries of Western sanctions against Russia. If Western pressure on Russia increases in the future, the role of oil producers in the Middle East will be further strengthened due to thei...
Middle East crude producers could be said to be the biggest beneficiaries of Western sanctions against Russia. If Western pressure on Russia increases in the future, the role of oil producers in the Middle East will be further strengthened due to their diplomatic relations with Russia and their ability to stabilize the supply and demand of crude oil in the international market. In the future, however, oil producers in the Middle East and Russia would compete fiercely in the Asian market, especially in China, to earn market shares and be likely at odds with OPEC+’s crude oil production policy. In recent years, Middle East countries have expanded and strengthened cooperation with China in fossil fuels, new and renewable energy, and nuclear power as the importance of the United States in diplomacy and energy to the Middle East has decreased. Going forward, the Republic of Korea would need to devise a strategy to minimize energy purchase costs by taking advantage of a situation where Middle East countries and Russia fight for market shares in the Asian oil and gas markets, including their own markets.