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Les nouveaux défis des fonds souverains pétroliers

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  • Marie-Claire Aoun

Abstract

Les fonds souverains sont souvent présentés comme un instrument efficace pour la gestion de la rente des hydrocarbures, permettant de réduire l’impact de la volatilité des revenus pétroliers ou gaziers sur l’économie, de dissocier les dépenses des revenus et de favoriser une gestion plus transparente de la rente. Avec l’envolée des cours du pétrole entre 2007 et 2014 et les réserves financières considérables accumulées par les pays producteurs d’hydrocarbures, la stratégie d’allocation des actifs est devenue plus complexe, basculant d’une logique de gestion de la richesse vers une logique d’investissement et d’optimisation financière. Ces fonds sont ainsi devenus des acteurs majeurs sur la scène financière et industrielle internationale. De plus, avec la découverte de nouvelles ressources d’hydrocarbures ces dernières années, notamment en Afrique, les stratégies des nouveaux fonds semblent s’orienter vers un nouvel objectif de développement économique local. Or l’effondrement imprévu des cours du brut ces derniers mois fait peser un nouveau risque sur certains fonds souverains alimentés par les recettes d’hydrocarbures, qui doivent venir au secours de leurs économies et se recentrer sur leur mission principale de stabilisation macroéconomique.

Suggested Citation

  • Marie-Claire Aoun, 2015. "Les nouveaux défis des fonds souverains pétroliers," Research papers & Policy papers on Commodities & Energy 1501, Policy Center for the New South.
    • Handle: RePEc:ocp:rpcoen:rpnn_11
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    File URL: https://www.policycenter.ma/sites/default/files/2021-01/OCPPC-Ifri-PN1501.pdf
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