The Global Energy Market: Comprehensive Strategies to Meet Geopolitical and Financial Risks

The Energy Forum hosts a conference to discuss geopolitical risks to the energy market and proposes policy framework in response.

When	May 21, 2008 08:30 AM May 21, 2008 05:00 PM May 21, 2008 from 08:30 am to 05:00 pm
Where	Rice University's Baker Institute
Contact Email	janek@rice.edu
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Event Access	Public/RSVP
Capacity Status	Event Closed

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Event Description

The international community is facing the most difficult energy market it has seen in the past two decades. Oil prices have experienced record swings, oil capacity surpluses have disappeared across the operational chain, and significant gains in demand are being driven by the expanding economies of the developing world. In the short term, security of existing supplies remains a key challenge to global energy markets.

In the Middle East, exporters face greater risks from terrorist attacks following al-Qaida’s 2004 call for attacks on regional oil facilities and infrastructure. Risks to navigation through the Strait of Hormuz have also risen in recent years following an increase in sea-based terror attacks and mounting international tensions with Iran over its nuclear program. Unfettered access to Russia’s energy supply has also become more problematic following the Kremlin's reorganization of the country's energy industry under President Vladimir Putin. And, in many countries in Africa and South America, civil unrest, heavy government interference in the energy sector, bureaucratic inefficiency and corruption are hindering the development of oil supplies and, in some cases, have disrupted immediate exports.

The Baker Institute conference “The Global Energy Market: Comprehensive Strategies to Meet Geopolitical and Financial Risks” brings together senior policymakers, economists, academic specialists and industry professionals to discuss the geopolitical risks currently facing international energy markets and the global financial system. At the conference, the Baker Institute will also release a new energy study by the same title. The study investigates the consequences that current geopolitical risks could pose to energy security, pricing and supply, as well as to the transparent and smooth operation of the global market for oil and natural gas trade and investment. By analyzing these key geopolitical threats in depth, the study identifies a series of policy frameworks that can be used to fortify the current market system and ensure that it can respond flexibly to the array of threats that might be encountered in the coming years. The study also examines the impact of emerging climate policy on future U.S. foreign and national energy policy.

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