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Supply Security
Fossil resources are limited and concentrated in a restricted number of countries, generating recurrent geopolitical conflicts. The price of oil is, on an almost daily basis, reaching record-setting values on the back of the risk to oil supplies from Nigeria and some restrictions in the OPEC production. Shadowing the cost of oil is natural gas, also reaching all-time price highs.
In Europe, foreign energy dependence is currently at around 45%. The European Commission Green Paper on security of energy supply drew attention to this worrying level of dependence on imports from sources outside the European Union (EU). Projections show this is set to increase to 70% by 2030.
A report by United Nations Economic Commission for Europe concludes that global energy security risks have increased sharply because of steeply rising oil import demand in developing countries; the narrowing margin between oil supply and demand that has driven up prices; the volatility of oil prices arising from international tensions, terrorism and the potential for supply disruptions; the concentration of known hydrocarbon reserves and resources in a limited number of the world’s sub-regions; and the restricted access to oil and gas companies to the development of hydrocarbon reserves in come countries.
Renewable energies, as an indigenous energy supply depending only on natural resources, can diminish this energy dependence.
This section looks at:
In Europe, foreign energy dependence is currently at around 45%. The European Commission Green Paper on security of energy supply drew attention to this worrying level of dependence on imports from sources outside the European Union (EU). Projections show this is set to increase to 70% by 2030.
A report by United Nations Economic Commission for Europe concludes that global energy security risks have increased sharply because of steeply rising oil import demand in developing countries; the narrowing margin between oil supply and demand that has driven up prices; the volatility of oil prices arising from international tensions, terrorism and the potential for supply disruptions; the concentration of known hydrocarbon reserves and resources in a limited number of the world’s sub-regions; and the restricted access to oil and gas companies to the development of hydrocarbon reserves in come countries.
Renewable energies, as an indigenous energy supply depending only on natural resources, can diminish this energy dependence.
This section looks at:
- Who are the producers of oil, coal and gas
- Where are the world’s oil reserves
- World trade movements for oil