European energy companies are investing in several major Middle East upstream projects such as TotalEnergies’ $27 billion megaproject in Iraq.
- May 09, 2023, 6:00 PM CDT
Big U.S. involvement in several major supply deals signals the U.S’ commitment to keep several crucial Middle Eastern countries in its fold.TotalEnergies, along with Italy’s Eni and the UK’s BP and Shell, have been at the vanguard of securing new oil and gas supplies for Europe to substitute for lost energy supplies from Russia since its invasion of Ukraine in February 2022.
This was evidenced by its being the first country to sign a ‘relationship normalisation’ deal with Israel on 13 August 2020. These deals were a key part of the U.S.’s response to the expansion of Chinese and Russian influence in the Middle East after Washington had unilaterally withdrawn from the Joint Comprehensive Plan of Action with Iran in May 2018, as also analysed in my new book.
Additionally, around the same time as the U.S. was pushing its new global oil market order strategy, a clash between China and India in the disputed territory of the Galwan Valley in the Himalayas reflected a much greater change in the core relationship between the two countries than the relatively small number of casualties might have implied.
Belgique Dernières Nouvelles, Belgique Actualités
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