Pacific Energy Summit featured on Channel News Asia’s “Between the Lines”

On the sidelines of the 2016 Pacific Energy Summit held in Singapore, Channel News Asia’s “Between the Lines” invited Summit speakers Ken Koyama, Institute of Energy Economics, Japan; Aldo Flores-Quiroga, International Energy Forum; Chen Weidong, DFS Energy Consultant (Beijing) Ltd; and Clara Gillispie, the National Bureau of Asian Research; to discuss the impact of energy abundance on Asia’s energy future.

Watch the special episode and read select quotes from the discussion below:

 

Asia as the Epicenter of Global Energy Markets

“The gravity of world energy markets is clearly shifting to Asia. China, India, ASEAN countries: their appetite for energy or by other Asian countries is really transforming the global energy system.”

Ken Koyama, Institute of Energy Economics, Japan

“China has become one of the biggest energy importers and on the oil side, sometimes China imports even more than the U.S…. The high price for the last 10 years, [has been] driven by Chinese demand…. Oil prices now on the consumption side also has a big contribution from China because [of] its economic slowdown.”

Chen Weidong, DFS Energy Consultant (Beijing) Ltd

The Impact of World Markets on Energy Security

“The [oil] supply-demand balance has become tighter…and the consensus view is that whatever overhang there exists in the market is going to be absorbed or disappear by the beginning of next year…. [T]his balancing is going to help the market participants to make better decision a lot where to go next.”

Aldo Flores-Quiroga, International Energy Forum

Toward Asia’s Energy Transformation

“[N]on-fossil fuel energy, both renewables and nuclear power, can play an increasingly important role in Asia as well as the world. But the fact remains that we will continue to depend on fossil fuels even though we anticipate penetration of advanced technology for the next two decades…. So what happens in oil, natural gas, LNG, and coal markets is a key determinant for sustainability and economic growth in the future.”

Ken Koyama, Institute of Energy Economics, Japan

“One of the other risks that we are confronting right now is concerns over complacency…. All of these choices are easier in a lower price environment. And so we really need to take this opportunity, particularly if we say that oversupply is a near-term instead of a long-term phenomenon.”

Clara Gillispie, The National Bureau of Asian Research