Episode 21: Oil shocks in the Gulf and how to measure energy dependency

Pierre Noël, Senior Fellow for Economic and Energy Security, joins Dr Kori Schake for this episode of Sounds Strategic.The recent attacks on the Abqaiq oil processing facility removed half of Saudi Arabia’s oil production from the market instantly. In this episode, Pierre and Kori discuss the short- and long-term impact of these attacks on Saudi Arabian oil infrastructure and what they may mean for both Saudi Arabia’s budget and regional energy security.Pierre also explores the persistent misconceptions that surround concerns over energy independence and dependency. For Pierre, assessing the energy markets that underpin energy supply is a far better means of measuring a country’s, or in the case of the EU, a continent’s energy security.Reading recommendations:Morris Adelman, The Economics of Petroleum Supply, (Cambridge, MA: MIT Press, 1993)David JC MacKay, Sustainable Energy – without the hot air, (Cambridge: UIT Cambridge, 2009)Data Visualisation:Richard Newell and Daniel Raimi, ‘The New Climate Math: Energy Addition, Subtraction, and Transition’, Resources for the Future, (October 2018)IISS Event Recording:Kori Schake, Pierre Noël, Sarah Raine and Nicholas Redman, ‘Nord Stream II pipeline: purpose and implications’, IISS Events, (September 2019)Date of recording: 19 September 2019Sounds Strategic is recorded and produced at the IISS in LondonTheme music: ‘Safety in Numbers’ by We Were Promised Jetpacks

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