dependence on the Chinese market

At the same time, while the GCC states intensified energy cooperation with Russia following the invasion, they also started to see more clearly that strategic energy relations with the EU presented opportunities – since it would be the only major market able and willing to absorb meaningful quantities of green energy in the short term.[1] Trade with the EU in the energy sector also serves the purpose of reducing GCC dependence on the Chinese market, which Russia has aggressively targeted. Unsurprisingly, energy engagement between EU member states and the Gulf monarchies has intensified since February 2022. ECFR’s Energy Deals Tracker found that Austria, France, Germany, Greece, Hungary, Italy, the Netherlands, and Poland have signed deals with Bahrain, Oman, Qatar, Saudi Arabia, and the UAE. Most of these agreements are short term and simply focus on diversifying supplies of fossil fuels to Europe. But some of them stand out for their ambition and their efforts to combine key EU member states’ short-term energy security with long-term goals linked to the green transition and decarbonisation. สล็อต