RIYADH: 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 refineries company ConocoPhillips.
Speaking during the second session of the 13th edition of the International Energy Forum, Currie explained that in terms of global supply, there has been a global upstream investment of $435 billion 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.
Also speaking during the same session, the president of 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 to extrapolate from,” Halff said.
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 in 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 behaviors have largely gone back to where they were. There’s a bit more working from home, you see that in vehicle miles traveled in the US,” Wood said.
“People have got in their cars, got in 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-term medium term,” he added.
The IEF is the world’s largest international organization of energy ministers from around 72 countries and includes both producing and consuming nations.
It is an inter-governmental, non-profit international organization which aims to foster greater mutual understanding and awareness of common energy interests among its members.
