Review article
Energy markets at the beginning of the second decade of the 21st century
Igor Dekanić
; PhD, Professor, Faculty of Mining, Geology and Petroleum Engineering, University of Zagreb, Pierottijeva 6, 10000 Zagreb, Croatia
Abstract
The paper analyzes movements in energy markets at the beginning of the second decade of the 21st century which appeared as a result of developments in the markets, globalisation of all markets, particularly the energy market, and influence of geopolitics. Soaring of energy prices was caused primarily by increased consumption of energy on the wave of industrialisation in the countries in Asia and South America such as China, India and Brazil, including occasional instabilities with global consequences. After 11 September 2001 the impacts of geopolitics intensified and led to sharp increase of oil prices after 2003. This caused steady rise of all energy prices. Additional factor of instability were occasional disturbances in natural gas supply from Russia to Europe due to unresolved relations along the transportation routes.. Thus, in the second decade of the 21st century energy markets entered a new stage of energy crises, political instability and possible major disturbances. Such market conditions aggravate position of energy importers, specifically in Europe and particularly in the SEE region, but they also make the need for energy conservation, advanced solutions for energy efficiency and more intensive use of renewable energy sources ever more topical.
Keywords
energy; energy markets; energy price; supply – demand; geopolitics
Hrčak ID:
73187
URI
Publication date:
31.10.2011.
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