'Oil reserves are not going to run out soon'

'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.  

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