"A more decentralized energy system, with a growing share of renewables and more market players, is structurally more resilient. Countries that invested in the energy transition are weathering this crisis with less economic damage, as they boost energy security, resilience and competitiveness."
At the start of this year, Pakistan had more imported liquefied natural gas (LNG) than it could use, with demand falling from a peak of 8.2 million tonnes in 2021 to 6.1 million tonnes by late 2025. The government sold excess gas shipments to other countries and shut down domestic gas wells to prevent pipelines from bursting under oversupply.
Attempting to eke out the remaining oil and gas from the North Sea was not the answer to the challenges facing the UK. It will not bring down the price for consumers, nor will it deliver long-term energy security. The international markets will determine the price and destination; that is not energy independence.
India remains "vulnerable" and lacking in energy security until it can produce at least 50% of its own oil. Billionaire industrialist Anil Agarwal believes India can grow to produce enough oil to meet 30% of its domestic demand within a few years.
The ongoing conflict between the US and Israel against Iran is creating significant challenges for Gulf Arab nations, which are already feeling the economic strain from rising tensions and instability in the region.
We stand ready to take all necessary measures in close coordination with our partners, including to preserve the stability and security of the energy market, said the G7 in a statement after a teleconference.
The war in the Middle East is exposing how dependent the world is on a handful of strategic chokepoints. The Strait of Hormuz a narrow waterway in the Gulf is closed. The longer this goes on, the faster the global energy map could be reshaped.
