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Introduction: The global energy market is undergoing a historic transformation. Some major consumers of energy are now sharply growing production, with the United States emerging as the world’s top petroleum producer, thanks to a dramatic reversal of its oil and gas fortunes through innovations in shale development. And major producers of energy are emerging as some of the fastest growing consumers of energy—especially in the Middle East and Latin America.
Energy has been among the largest drivers of U.S. economic growth and shifting trade patterns, played a key role in global conflicts from Russia and Ukraine to the South China Sea, and continues to be the primary source of global greenhouse gas emissions that portend potentially severe climate change impacts. Among the world’s most pressing challenges are to promote faster economic growth, supply the energy needed to pull a billion more people out of extreme poverty, and promote geopolitical cooperation rather than competition over energy resources—all the while protecting the health of the planet and dramatically lowering greenhouse gas emissions. These are indeed staggering challenges.
As the world confronts these fast-moving dynamics, the global energy market has just experienced one of its largest shocks in recent history: the rapid drop in the price of oil. This has had several significant consequences.
This report examines the prospects of supplying gas from the Eastern Mediterranean to Europe from a technical, geopolitical, and economic perspective.
Achieving the goal of net-zero greenhouse gas emissions by 2050 requires a substantial reduction in the share of high-emitting fossil fuels in primary energy consumption.
It has been over two months since the European Union (EU) ban on Russian crude oil entered into force, triggering friction in oil markets and petroleum supply chains.