External Publications
Energy Security
Asia, the world’s largest oil-importing region, has been uniquely affected by the collapse of oil prices over the last two years. Low prices have been a mixed blessing for the region, carrying significant risk for the future. For example, low prices have stimulated oil demand but not economic growth, with the notable exception of India. The price decline has also slashed investment in future oil-production capacity and increased Asia’s dependence on exports from the Middle East at a time of rising political risk in that region.
In a special report on Asia’s energy security amid global market change, published by the National Bureau of Asian Research, CGEP program director Antoine Halff examines the short and longer term impacts of low oil prices on Asian countries and the risks to energy security. Key policy implications from the article include:
This report examines the prospects of supplying gas from the Eastern Mediterranean to Europe from a technical, geopolitical, and economic perspective.
A major military engagement could occur in the Asia-Pacific region in the form of a possible conflict between the People’s Republic of China and Taiwan.