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Technical University of Crete: IENE’s Executive Director Presents Seminar on the Key Role of Hydrocarbons in the Global Economy and the Structure and Operation of the International Oil Market

Technical University of Crete: IENE’s Executive Director Presents Seminar on the Key Role of Hydrocarbons in the Global Economy and the Structure and Operation of the International Oil MarketOn May 26, a seminar on "The Key Role of Hydrocarbons in the Global Economy-Structure and Operation of the International Oil Market” was presented by IENE’s Executive Director, Mr. Costis Stambolis, at the postgraduate petroleum engineering class at the Technical University of Crete

On May 26, a seminar on "The Key Role of Hydrocarbons in the Global Economy-Structure and Operation of the International Oil Market” was presented by IENE’s Executive Director, Mr. Costis Stambolis, at the postgraduate petroleum engineering class at the Technical University of Crete.

The seminar, which was held following a special invitation by the Technical University of Crete, was divided into two parts. The first one focused on the global economy and the role that hydrocarbons play in its operation through the development and support of key economic activities. Mr. Costis Stambolis presented the global energy mix and explained the role of oil and gas in it, and the current trends and prospects for diversification in the coming years (by 2050) - Reference was made also to specific estimates of various Outlook Studies of international organizations and companies (IEA, EIA, BP, Exxon Mobil). Moreover, based on the recent reference study by IENE, "SEE Energy Outlook 2016/2017” the energy mix of SEE countries was discussed.

 

The second part of the seminar covered the structure, organization and operation of the international oil market. Key concepts such as demand and supply were presented and analyzed at both global and regional level, with reference to recent IEA and IENE data. The correlation between economic growth and "petroleum demand" was examined together with the role of transport, industry, household and commercial uses, as well as with the refining of crude and the creation of a variety of products as an integral part of the oil cycle.

A discussion and analysis followed on "production", the other basic variable in the oil equation. There was reference to global oil production and how it has been historically developed, while the prospects for further growth over the next 30 years are outlined. As a final part of the lecture, and a logical follow-up of "Demand and Supply", a discussion followed on Oil Price Formation.

During his seminar, reference was also made to the relationship between crude oil and gas prices, with particular reference to long-term gas purchase contracts based on oil indexation.

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