'Oil reserves are not going to run out soon'

By Salman Bagirov

Azeri.Today's blitz interview with Joy Barnes, US economist, expert in energy field.

- What is Trump's energy plan and how will this plan affect the economies of the world?

- Trump will want to expand domestic production of oil and gas. Increased US production of oil, in particular, might put downward pressure on global petroleum prices or, at a minimum, constrain OPEC’s ability to push prices too much higher. Trump will also try to revive the US coal industry. This is unlikely to reverse coal’s decline, as there is a broad trend already underway to shift from coal to gas (and, to a lesser extent, renewables) in US electrical power generation.

- You are the author of the three-volume book "Energy in the Caspian Sea". What does this book say?

- I contributed to one book on the subject, “Energy in the Caspian Region” over a decade ago. It was clear then – as it is clear now – that the Caspian Region can play an important, if not dominant, role in supply hydrocarbons to world energy markets.

- How do you assess the prospects for the development of the Caspian Sea? For how long will these reserves suffice?

- There is significant scope for development in the Caspian Sea and the broader region. There is strong demand for gas in Europe and a desire, moreover, to shift away from Russian supplies; when complete, the Southern Gas Corridor will help meet this demand and serve as a boon to gas production in Caspian Region. In terms of oil, Azerbaijan and Kazakhstan are likely to remain small- to medium-sized producers. The pace of oil and gas production will depend upon international prices and domestic investment climate. Oil reserves are not going to run out soon.  

Bookmark/Search this post with