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ID:
130868
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| Publication |
2014.
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| Summary/Abstract |
Asia's reliance on international, seaborne energy trade is conducive to strategic cooperation. Whether this will outweigh strategic competition is far from certain. The Asia-Pacific accounts for a large and growing share of the world's energy-demand growth. With imports rising faster than consumption, the region is rapidly becoming the new centre of gravity for global energy markets. Such dynamics have made energy security a key policy concern for Asian states. The naval capacities of these countries are also growing swiftly, prompting some analysts to ask whether an arms race has begun. Although no one would suggest that this build-up of naval power is primarily driven by the need to secure energy supplies, the Chinese and Indian governments have identified energy and resource security as one rationale for developing naval power, particularly blue-water capabilities.
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| 2 |
ID:
071451
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| 3 |
ID:
147509
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| Summary/Abstract |
The oil industry has gone through a constant process of change since the oil-price shocks of the 1970s, but one key, structural feature has endured. The sovereign owners of the cheapest resources on earth – notably Saudi Arabia and other Gulf producers – have exploited them much less intensively than would have been the case under a competitive market structure. Because of the relative unresponsiveness of both supply and demand for oil to changes in price, the Saudi-led oil cartel of low-cost Gulf producers has been able to withhold cheap oil from the market, shifting marginal supply to more expensive oil fields. Hence, for decades, oil has been sold for more than it would have cost in a competitive industry. This strategy has generated huge economic rents for the industry’s key players, including Gulf sovereigns and publicly traded oil companies. Today, however, this structure is being eroded, and may even be collapsing before our eyes.
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| 4 |
ID:
150981
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| Summary/Abstract |
By accommodating each other’s strategic interests, Russia and China have achieved an effective partnership despite significant imbalances between them.
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