The world is witnessing a shift in the energy market, driven by geopolitics and oilfield discoveries, from a time of great demand and scarcity to one of abundance in supply and weaker demand, said a global industry expert.

Referring to an acronym coined by the investment bank Goldman Sachs that refers to the countries of Brazil, India, Russia, and China (BRIC), which were believed to have promising emerging markets and economies, added Dr Daniel Yergin, the world’s leading authority on energy, during his keynote address at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) yesterday (November 10).

 “We are experiencing a movement from the BRIC era to the Shale era,” said Dr Yergin.

“What is happening today is a rebalancing of the world economy. People often underestimate the power of technology, such as that which has unlocked shale reserves and played a role in setting the stage for today’s market,” added Dr Yergin.

Companies today must adapt a more competitive approach, where investments will be more carefully selected and strategies assessed thoroughly for a long-term view to business, rather than one zeroed in on immediate turns, according to the Pulitzer-Prize winner.

“Oil companies today must demonstrate agility,” Dr Yergin said. “Innovation and developments in technology are critical to meeting the needs and future requirements of today’s growing world, and events like Adipec help drive the discussions that pave the way to a sustainable energy future.” – TradeArabia News Service