Experts from Russia and the United States discussed medium and long-term forecasts of energy markets development

9 december 2013

December, 6th the Russian Embassy in the United States held a seminar “The Global Energy Outlook: Russian and American Perspectives”, which allowed Russian and American experts at economics and energy to exchange their views on future scenarios for the development of the world and in particular Russian fuel and energy sector.

More than 50 experts attended the event, including Adam Sieminski, the Administrator of the US Energy Information Administration (EIA), and his predecessor from 2002-2008, Guy Caruso, along with experts from leading US analytical centres, investors, and representatives of the diplomatic community. The seminar was moderated by Lucian Pugliaresi, the Head of the Energy Policy Research Foundation.

The event was opened by Alexander Novak, Minister of Energy of the Russian Federation, who highly praised the importance of international cooperation in the sphere of global energy forecasting. The Minister briefly outlined the situation in Russian fuel and energy industry and emphasized the position of Russia at the global energy market.
"An open discussion of trends and forecasts of energy market development promotes trust and understanding between the United States and Russia," said Alexander Novak. In his speech the minister pointed out the main trends affecting the world energy market development. "Recent years have greatly influenced the state of energy markets. All the countries, as well as private companies operating in the energy sector, are attempting to assess the medium and long-term consequences of recent changes," Alexander Novak pointed out.

The major part of the seminar was devoted to a presentation of the research "The Outlook for Energy market development in the World and Russia up to 2040". The project was prepared by Russian experts from the Energy Research Institute of the Russian Academy of Sciences (ERI RAS) and the Analytical Centre of the Government of the Russian Federation. Leonid Grigoriev, Deputy Director and Chief of Research of the Russian Energy Agency, in the beginning of the presentation described the macroeconomic context of the forecast for this year. He also talked about possible adjustments to the forecasts of the existing trends made while preparing a new version of the forecast for 2014 (which accounts possibilities of new global economic crisis). The speech by Tatiana Mitrova, Head of the Oil and Gas Department of the Russian Academy of Sciences (ERI RAS) was mainly concerned with the practical problems of the Russian energy sector in the vein of  fundamental changes in world energy markets, primarily in hydrocarbon ones.
During the subsequent discussion, the guests paid most of their attention to the prospects for the Russian oil and gas industry, and in particular to the problems of developing the Arctic shelf and the Bazhenov Formation, gas export, infrastructure condition, and tax policies in the industry. The American participants were also interested in general issues of Russia’s energy balance: the role of nuclear, coal, and renewable energy.

Many speakers stressed the importance of the event. In particular, Adam Sieminski expressed his satisfaction about the fact that the world had finally had another group of experts besides the International Energy Agency and the American Energy Information Administration, which was ready to offer its forecast on global energy.