Global Energy Prices Likely to See Greater Volatility Later This Year – IEF

Global energy markets are likely to witness greater volatility in prices later this year as global oil stockpiles remain 354 million barrels below the five-year average and spare production capacity is limited, Secretary General of International Energy Forum (IEF) Joseph McMonigle said.

He highlighted the risks in a meeting with senior Japanese government officials in Tokyo, according to an IEF press statement.

"Through high prices and volatility, global energy markets are sending us a signal to increase investment. We ignore these market signals at our peril," said McMonigle

The recently published IEF Upstream Oil and Gas Investment Outlook, produced with S&P Global, noted that capital expenditure would have to rise 28 percent by 2030 just to avoid supply shortfalls,

"Import-dependent economies of Asia will pay a high price for energy supply, and many of the emerging economies in the Global South will have no gas at all. Energy security cannot be a zero-sum game where the winner takes all at the expense of others," he added.