Tue, 11 Oct|
EMC Webinar "Has the Ukraine Conflict Changed Global Energy Trends for Good?
Speaker: Dr Mamdouh G. Salameh, International Oil Economist and Global Energy Expert. Millions of words have been written so far about the roots of the Ukraine conflict that has been raging in 2022. The webinar will focus on the strategic and economic impact stressing effects on global energy.
Time & Location
11 Oct 2022, 18:00 BST
About The Event
Online event open to Students, Alumni, Staff, Professors and External
Speaker: Dr Mamdouh G. Salameh, International Oil Economist and Global Energy Expert
Millions of words have been written so far about the roots of the Ukraine conflict that has been raging since 24 February 2022. The webinar will focus on the strategic and economic impact stressing particularly its effects on global energy.
This event will discuss how the Ukraine conflict could change global energy trends got good.
- The Ukraine conflict is but an aspect of the transformation of the New World Order from a unipolar system led by the United States since the collapse of the former Soviet Union in 1991 to a multipolar one. The catalyst of this transformation is the China-Russia strategic alliance.
- The outcome of this conflict will impact the global economy, energy resources, the US dollar and the future of the Asia-Pacific region, particularly the fate of Taiwan.
- There is a major shift in energy flows from West to East. The bulk of Russian oil and gas will now go to the Asia-Pacific region, particularly to China, instead of the European Union.
- The Ukraine conflict has revealed how dependent the global oil and gas markets are on Russian oil and gas exports. It has also revealed Russia’s unique position as the world’s largest net exporter of both energy and key foodstuffs to the world.
- Russia’s demand for payment in rubles for its oil and gas exports is transforming the ruble into an energy currency. This undermines the petrodollar, enhances the role of the Chinese petro-yuan and paves the way for other currencies like India’s rupees to become oil currencies as well.
- The continued rise in the prices of energy products since January 2021, exacerbated by the Ukraine conflict, is feeding inflationary pressure and leading to higher prices of food worldwide. They could also plunge the global economy into its harshest recession.
- Oil and gas will continue to be the core business of the global oil industry well into the future, with the bulk of oil and gas supplies coming from three regions of the world, namely the Arab region, Venezuela and Russia’s Arctic, with the very last barrel of oil produced most probably by Iraq.