 |
| |
“Transparent policies are crucial to restore energy market stability” – ConocoPhillips official | |
| Sumita Pawar |
A report says: "Investment on the supply side as well as transparent policies are crucial to restore stability in the energy market," according to Helen Currie, chief economist at petroleum refinery company ConocoPhillips.
During the second session of the 13th International Energy Forum, Currie said that $435 billion had been invested in the upstream part of the energy supply chain around the world in 2022.
 |
"There are things that could happen to try to restore stability to the markets: one is investment on the supply side, and then there are transparent policies that acknowledge the stability of energy affordability and energy security for the long term," the economist highlighted.
Currie went on to talk about determinantal factors impacting the market, such as the recent changes in power in numerous governments around the globe, as well as the war in Ukraine, as the report mentioned.
Also speaking during the same session, the president of a leading advanced energy and environmental geo-analytics company, Kayrros Antoine Halff, shed light on several disruptions also affecting the market nowadays.
"We live in an age of disruptions." "Climate change is a disruption; extreme weather events are happening constantly, and they're extremely difficult to predict and extrapolate from," Halff said.
According to the report, the second session also saw comments from the chief energy advisor at oil giant Shell, Peter Wood, who gave his opinion on the demand side of the market.
Wood argued that since everything has been going back to normal post-COVID-19, demand is projected to stay strong in the near future.
"Consumption patterns and behaviours have largely gone back to where they were." "There's a bit more working from home; you see that in vehicle miles travelled in the US," Wood said.
"People have gotten in their cars and gotten on airplanes and have gone back to the way of life that they liked, and more people want that way of life." "So, demand looks strong in the short- to medium-term," he added.
The IEF is the largest international group of energy ministers in the world, with members from around 72 countries that both produce and use energy.
"It is an intergovernmental, non-profit international organisation that aims to foster greater mutual understanding and awareness of common energy interests among its members," concluded the report.