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SUMMARY:BP\, 57th Statistical Review - Paul Appleby\, Head of Global Gas M
 arket Analysis in the BP Group Economics Team
DTSTART:20081128T170000Z
DTEND:20081128T173000Z
UID:TALK15418@talks.cam.ac.uk
CONTACT:Claire Murray
DESCRIPTION:The defining feature of global energy markets during 2007-08 h
 as been high and volatile prices\, reflecting a tight balance of supply an
 d demand (and just ahead of a special meeting of the OPEC cartel on 29 Nov
 ember\, there remains divide among the OPEC cartel on where prices need to
  be to stabilise supply). In 2007 the developed world experienced the bigg
 est decline in demand for oil since 1983\, but in poorer countries\, deman
 d grew by over 4%\, partly because of faster economic growth. Demand is fa
 lling in countries with heavy taxes and rising slowly where taxes are mode
 rate\, but in coutries where energy consumption is subsidised\, demand gro
 wth is higher obliging some governments to reconsider their approach to su
 bsidies and taxation and placing issues such as energy security\, trade an
 d alternative energies at the forefront of the political agenda worldwide.
 \n\nEnergy security in 2007-08 is a tale of competition for access to reso
 urces\, rising resource nationalism and uncertainty\, coupled with constra
 ined capacity\, maturing sources within the OECD and high recovery costs. 
 2007-08 was another year of rapid growth for alternative energy sources in
 cluding biofuels\, solar and wind power\, with renewed attention to the po
 ssible role of nuclear power. But growth in primary energy demand from fos
 sil sources (particularly coal - evidencing strong and stable growth for t
 he past five years) means that global carbon emissions are still rising. A
 s policy-makers around the world seek to address national concerns about e
 nergy security and climate change\, reliable data is an essential tool for
  decision-makers and investors alike - but how far can historical data hel
 p us to plan for the future?
LOCATION:Lecture Theatre 1\, Judge Business School\, Trumpington Street
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