Programme Report

John V Mitchell
  • Europe and the United States can no longer rely on Middle East oil exports as global balances of demand and investment shift towards Asia.
  • This transition will have major geopolitical implications and a profound effect on industrial strategy.
  • Europe and the US will compete with Asian importers for supplies from West Africa, Northern Iraq and central Asia, which are 'pivotal' between eastern and western markets, while Russia will be a default supplier of oil to Europe.
  • Companies and governments need to recalibrate their strategies and policies to recognize the impact of Asia's larger share of the world's oil and gas in the future.