19 May Energy security crisis
(Oilandgaspress) -–Companies are increasingly being forced to reassess sourcing strategies, supplier exposure and operational vulnerabilities as geopolitical instability disrupts global energy commodity trading and undermines long-standing assumptions about market predictability, according to a panel of experts speaking on a webinar organised by WPC Energy and the Resilience World Nexus Summit, with official media partner Petroleum Economist.
The Covid-19 pandemic, the Russia-Ukraine war and the current crisis in the Middle East have forced both companies and nation states to adapt the way the operate in the energy economy.
The growing focus on preparedness comes as nation states around the world elevate energy security above all other priorities in response to the Middle East crisis.
In the short term, this shift has triggered a scramble for alternative supplies and a surge in coal imports. Coal shipments into Japan, South Korea and the EU rose 27% year on year in April, according to data from shipping association BIMCO.
South Korea and India have already restarted nuclear plants, while the EU’s recently announced AccelerateEU package includes measures designed to reduce dependence on fossil fuels through electrification incentives and improved transnational grid interconnectivity.
Countries are also seeking to diversify energy supply routes and reduce reliance on the Middle East.
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