View / Hormuz limbo is now global oil’s top risk
Lost supply and a projected demand rebound have placed the oil market in a fragile equilibrium.
The Center on Global Energy Policy hosted a discussion of the International Energy Agency’s World Energy Outlook 2014 (WEO-2014) with Dr. Fatih Birol, Chief Economist and Director of Global Energy Economics, International Energy Agency (IEA). The global energy landscape is evolving at a rapid pace, reshaping long-held expectations for our energy future. The WEO-2014 presents analyses and projections of medium- and longer-term energy trends and the potential impact of these developments on energy security, the economy, and the environment. Dr. Birol discussed the main findings from the WEO-2014, as well as the special topics covered in-depth in this year’s edition, including: Trends in energy sector investment, including an examination of the scale of investment required and financing options; Energy outlook for Africa, with a focus on the prospects for improving access to modern energy services and developing the region’s resource potential; and The outlook for nuclear power, including policy trends, financing options, and competitiveness versus other generation sources. Center Director Jason Bordoff moderated a discussion following the presentation.
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Over the past five months, the Strait of Hormuz has been closed for extended stretches of time, disrupting roughly 10 to 15 million barrels of oil supply each...
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By almost any measure, the world should be suffering a far more severe energy crisis.
The ongoing disruption of oil exports through the Strait of Hormuz has caused a substantial decline in China's crude oil imports.