2017 in Review: Energy
22 Dec 2017
By Center for Security Studies
No. 216: OPEC and Strategic Questions in the Oil Market
In late November, OPEC and a Russia-led group of big oil producers agreed to maintain limits on oil supplies. So, what factors shaped this decision? The massive expansion of shale oil in the US, and its impact on petroleum markets, was surly one. However, Severin Fischer contends that there are actually many factors increasing the pressure on OPEC and other oil producers. He also suggests that while it’s always difficult to make serious predictions about the oil market’s future, two key development trends are emerging.
No. 203: Climate Policy After Paris: Inconvenient Truths
The 2015 Paris Agreement fundamentally realigned the structures of international climate policy. However, a large gap remains between what voluntary national plans can achieve and the emissions reductions needed to stay in line with the Paris targets, and it doesn’t look like that chasm is going to close anytime soon. That’s why Severin Fischer believes we will have to rely on climate engineering technologies if we hope to keep our climate goals and politics properly aligned.
Lost in Regulation: The EU and Nord Stream 2
While geopolitical considerations still influence the public debate about Nord Stream 2, in the EU, the topic has shifted to a rather technical discussion of energy market regulation. Indeed, Severin Fischer contends that within the political organs of the EU, the question is no longer whether the building of the pipeline should continue, but instead how it will be operated following construction. However, in its search for a new specific regulatory framework to cover the pipeline, the Commission has found itself tangled in a web of legal uncertainty.
Energy Union: Delivery still pending
After two years of preparation, the EU Commission has unveiled the most crucial elements of its proposed “Energy Union.” As Severin Fischer sees it, the package is indeed a hefty one. It features 13 legislative proposals and legal acts, 75 documents, and over 3,000 pages of text. And yet, despite the proposals being evolutionary rather than revolutionary, harmonizing them amongst EU members won’t be easy. Here are five features of the package to keep track of as the process unfolds.
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