This report, an update of our 2021 Beyond Petrostates report, finds that petrostates are facing substantial risks from the energy transition, as falling oil and gas demand is set to put downward pressure on commodity prices and place future government revenues in jeopardy.

While a small handful of countries have reduced their vulnerability, overall the 40 petrostates we analyse are just as vulnerable as in our original analysis and in many ways face growing risks.

This update is driven by two key factors: the growing socio-economic challenges confronting petrostates and the availability of new data reflecting the impact on energy markets from recent geopolitical events. We apply a least-cost methodology used in our previous report to reassess how the energy transition could affect different petrostates.