Business programme

The Global Gas Market: Today and Tomorrow

16 Jun , 15:00–16:15
The New Economic Order: Responding to the Challenges of the Time

The global oil and gas markets are going through a challenging period. First the pandemic and now the geopolitical turmoil, caused by unprecedented sanctions pressure on Russia, are having a significant impact on the oil and gas markets. We see that in many countries, political motives have prevailed over economic interests, leading to a rejection of cooperation with Russia in the energy sphere. As a result, the European Union has seen an acceleration of inflation, an increase in the cost of utilities, a shutdown of many industries, and an increase in the unemployment rate. In the United States, there has been a record rise in fuel prices. The global oil and gas industry is entering a phase of fundamental structural changes. However, how ready and capable the exporting countries are to increase production and change the established supply routes is yet to be seen. Russia is still one of the leaders in hydrocarbon production and exports to the world markets. Even in the face of growing external pressure Russia continues to provide stable supply of energy resources to the domestic market, and also tries to maintain its export potential. All this poses a number of key long-term questions to the oil and gas industry: how much will the commodity market environment change? How will the global energy transition process take into account the new realities? What is Russia's role in the new energy agenda?