The global energy landscape has rarely been as chaotic as in recent years. As the World Future Energy Summit opens today in Abu Dhabi, it is in the context of a rapidly changing world. Oil production is approaching its peak: the International Energy Agency has for the first time set 2020 as the dreaded moment when conventional oil discoveries cease to outstrip the depletion of existing fields. The investment needed to extract it increases, price becomes more volatile, global demand rises and choke points may multiply from pirates in the Horn of Africa, insurgents in the Niger Delta, or potentially in the Strait of Hormuz if Iran should become involved in a conflict.
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