Energy enters a new age of disorder
“War is too important to be left to the generals,” said Georges Clemenceau, France’s victorious prime minister in the First World War. Energy executives keenly anticipate Adipec in Abu Dhabi at the start of November. For the energy industry to confront a new era of disorder, it needs leaders from its own ranks, but also from across global society – politics, government, science, media and the…
The modern energy industry finds itself navigating a new era of disorder, according to energy executives preparing for the Adipec conference in Abu Dhabi. This upheaval stems from a series of recent shocks, including 9/11, the 2008 financial crisis, the COVID-19 pandemic, and Russia's invasion of Ukraine. Free trade and capital mobility, once reliable pillars, are now fractured by Brexit, sanctions, tariffs, and strategic autonomy policies.
Militaristic mercantilism aims to control vital chokepoints and resources, with Iran and the Houthis threatening maritime safety, while Beijing seeks control over critical minerals. The US, once a predictable hegemon, now exhibits unpredictable behavior and prioritizes its own energy independence over global public goods. China, a major provider of renewable energy technologies, is hesitant to assume a global leadership role.
The loss of Opec's influence may lead to increased competition among oil producers. Despite these challenges, the energy sector continues to innovate, achieving low-carbon solutions more efficiently than expected. However, the lack of cooperation on global public goods, particularly in maritime passages and climate change, poses significant risks.
Energy companies must develop strategies to thrive in this volatile landscape while delivering essential services.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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