On Wednesday, July 17, 2015 the Atlantic Council Global Energy Center hosted a discussion with Majid Jafar, Chief Executive Officer of Crescent Petroleum, as part of its ongoing CEO Series. The event, titled ‘The Other Middle East Revolution: How the Region Can Stay Competitive Amidst Energy Market Uncertainty’ explored the combined impact of security issues and a low price environment on the region’s hydrocarbon producers.

In his prepared remarks, Mr. Jafar analyzed the recent plunge of oil prices and emphasized the role of slowing Asian demand on the US shale revolution. Jafar stressed that the “Middle East is punching below its weight” in terms of energy production and argued in favor of reforming energy subsidies and national oil companies in the region. He also played down the importance of renewed Iranian production, noting that Iraq would be the main driver of global oil exports in 2040.

Global Energy Center Director Amb. Richard Morningstar concluded the event with a moderated Q&A session that touched upon Saudi-Iranian competition, U.S. strategy in the Middle East, and the Iraqi government’s relationship with international oil companies.