Shifting Political Economy of Energy Resources in the World and Energy Security Implications for Resource Deficient Countries
Authors
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Vinod Gupta School of Management, IIT Kharagpur, Kharagpur – 721302, West Bengal ,IN
Barnali Nag
DOI:
https://doi.org/10.18311/2meoga/2024/v1i1/44658Keywords:
Energy security; Oil market; Resource deficiencyAbstract
This article aims to review the changing scenario of fluctuating global energy markets, especially in context of oil supply and demand and the growing imperative to diversify energy sources of countries to ensure energy security and sustainability. The world energy market is no longer a supply driven market, but interdependencies between production and demand has made the market more competitive. Traditional producers are being matched by newer ones aided with technology and newer and cleaner energy sources are getting preference over traditional energy sources. The paradigm shift is a challenge as well as opportunity especially for resource deficient countries to build resilience through strategic energy policies that promote renewable energy adoption, energy efficiency measures, and international cooperation on energy governance to safeguard energy access and promote sustainable development.
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