Stephen Sedgwick
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- Milken Institute1h 1m
MI Summit 2013 - London: Wealth and Power: Energy and the World Economy
Poppy Allonby, Francesco Giuliani, Paul Hinks, Ian MacDonald, Pierce Riemer, Stephen Sedgwick
A global energy panel projects that oil prices will stabilize near $100 per barrel, driven by rising extraction costs of $75–$80 and OPEC fiscal requirements, while natural gas remains non-fungible due to transport constraints. Industry power has shifted from International Oil Companies to National Oil Companies, prompting a massive infrastructure transition to support inland extraction and deepwater projects that demand long-term price certainty. Furthermore, panelists emphasize that hydrocarbons will dominate the next century of energy supply, contingent on overcoming workforce shortages in the West through partnerships with emerging economies and advancing storage technologies to eventually integrate renewables.