Xenophon Paper No. 3

  • CategoryXenophon Paper
  • YearOctober 2007
  • AuthorJohn Roberts
  • CountryGreece
  • LanguageGreek
The geopolitics of global energy have changed significantly since the beginning of the 21st century. For all the rising importance of gas, which will be discussed in the paper along with electricity, it is oil that retains crucial importance. Azerbaijan and Russia, of the BSEC member states, thus play a disproportionately large role in determining how evenly the world’s oil market is balanced. Similarly, several other BSEC member states play pre-eminent roles in the core issue of energy transit. But, in the Russia-EU context – and thus in a BSEC context as well – Russia, as the world’s biggest energy supplier, and the EU, as the world’s biggest energy importer, both stand to benefit from a long-term strategic accord leading to mutual energy security.

This study of Energy Cooperation among the BSEC Member States is intended to contribute to the development of an energy strategy for the BSEC, and will seek to utilise in particular the conclusions of the G8 summit in St. Petersburg in July 2006, not least since they represent the best prospect for a consensus between the two most important political determinants of energy development in the BSEC area: the European Union and Russia. The study is a valuable contribution to a research effort launched by the ICBSS during the past year, focusing specifically on issues of energy security in the wider Black Sea region.

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