The transition towards green energy imperils oil-producing states that have lagged in diversifying their economies, United Kingdom-based risk consultancy Verisk Maplecroft warned in a report on Thursday.
"Algeria, Iraq and Nigeria will be among the first casualties of a slow-motion wave of political instability that will engulf an array of oil producing countries over the next 3-20 years as the energy transition takes hold," it said.Other states facing the greatest risk include Angola, Gabon and Kazakhstan, it added.
Though low-cost Gulf Arab oil producers are best placed to capture market share, they will not be immune from future shocks: a prolonged downturn in prices could eat into foreign exchange reserves and domestic spending, undermining stability, the report said.
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