Western oil and gas companies face more and more pressure to take climate action and Azerbaijan can greatly benefit from this, Brenda Shaffer, a visiting researcher at Georgetown University’s Center for Eurasian, Russian and East European Studies (CERES), a non-resident senior fellow at the Atlantic Council's Global Energy Center told Trend.
She noted that oil prices have beaten ten-year records and the last time the oil prices were at this level was 13 years ago.
“The Brent crude oil price has already risen to $75 a barrel. I think that even if these prices drop they will rise again after the fall in some time. The situation in the market shows that demand is great,” she noted.
In this regard, she said, this is an opportunity for countries outside Europe and the US.
“Of course, sooner or later we will enter the era of new technologies when oil and gas will not be used. This will maybe be 40-50 years in the future. But until then, there will be a great demand for oil and gas. Energy transformation occurs due to the policy changes rather than the technology,” she said.