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Energy Security in a New World Order by Gawdat Bahgat

Energy Security in a New World Order by Gawdat Bahgat

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Oil policy is shaped by economic interests as well as strategic considerations. In response to rising political instability in the Middle East since the early 2000s, major industrialized countries have sought to reduce their oil dependence on supplies from the region and, instead, develop deposits in other areas, particularly Russia and the Caspian Sea. This study argues that production from these two regions is restrained by geological, economic, and political hurdles. Furthermore, the proposition that one supplier can replace another one is a wrong proposition. Today’s well-integrated global oil market suggests that availability of oil supplies, not the source of supplies, is the main factor to ensure energy security. (This article by Gawdat G. Bahgat, “Energy Security in a New World Order,” was published in The Journal of Energy and Development, autumn 2004, vol. 30, no. 1)
Oil policy is shaped by economic interests as well as strategic considerations. In response to rising political instability in the Middle East since the early 2000s, major industrialized countries have sought to reduce their oil dependence on supplies from the region and, instead, develop deposits in other areas, particularly Russia and the Caspian Sea. This study argues that production from these two regions is restrained by geological, economic, and political hurdles. Furthermore, the proposition that one supplier can replace another one is a wrong proposition. Today’s well-integrated global oil market suggests that availability of oil supplies, not the source of supplies, is the main factor to ensure energy security. (This article by Gawdat G. Bahgat, “Energy Security in a New World Order,” was published in The Journal of Energy and Development, autumn 2004, vol. 30, no. 1)

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07/03/2013

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