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Emerging Global Energy Security Risks

Published: January 2007

This publication is the result of the analyses and discussions conducted by the Energy Security Forum on the global dimensions of emerging energy security risks facing UNECE member States. It presents global energy security risks from three different points of view: the European Union, the Russian Federation and from North America. It also examines how the Caspian Sea region can contribute to energy supply diversification. It reviews the energy transport corridors, new infrastructure, transmissions systems and investment requirements needed to accomplish this.

Global energy security risks have increased sharply because of steeply rising oil import demand in developing countries; he narrowing margin of excess capacity among producers; the volatility of oil prices arising form international tensions, terrorism and potential for supply disruptions; the concentration of known hydrocarbon reserves and resources in a limited number of the world’s subregions; and the restricted access of oil and gas companies to the development of hydrocarbon reserves in some countries. Governments in producing and consuming countries can mitigate these risks significantly by enhancing producer-consumer dialogue to ensure interdependency of their interests and to respect the legitimate rights of both consumers and producers.

The first section of this book presents global energy security risks form three points of view: that of European Union, the Russian Federation and the view from North America. These views have been reconciled in deliberations of the UNECE Energy Security Forum (ESF) that achieved a consensus in conclusions and recommendations on how to diminish the risks. The ESF was requested to convey this consensus views to the host authorities of the 2006 G-8 Summit in St. Petersburg. The diversification of energy supply sources is a key feature of energy security strategies for importing countries. The second section describes hoe the Caspian Sea can contribute to energy supply diversification.

The ECE Energy Series No. 36
Sales Number: E.07.II.E.22
ISBN 987-92-1-116975-1
ISSN: 1014-7225

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