The final blog of our Energy Futures week comes from GSM London Kabine Traore who is Msc Programme leader of Procurement & Supply Chain Management.
According to the 2016 BP Energy Outlook report, China is expected to account for 25% of global energy consumption by 2035, representing a 2% increase up from 23% registered in 2014. Those figures contrast with the 6.7% GDP growth rate recorded in 2016. Indeed, China’s economy, while still outperforming most western economies, remains weak in comparison to the double digit growth rates registered in the years 2010 and 2012.
Despite demand for energy resources remaining currently strong in general, there are reasons to worry about the resilience of global Oil demand. Indeed, the 6.7% growth rate registered by the Chinese economy in 2016 is not expected to add significant upward pressure on crude oil prices in the short to medium term.
Improving operational efficiency and building agile, transparent and resilient supply chains will still remain some of the standard measures adopted by Oil and Gas firms to protect operational margins.
The advent of new trends such as Data analytics in conjunction with 3PL and 4PL models in the Upstream Oil and Gas industry bear the potential to redefine the current paradigm, thus impacting the supply side economic. As such, Oil and Gas transportation and supply chain professionals will need to develop a good working knowledge of the underlying techniques and concepts, while at the same time being aware of the challenges ahead of their successful implementation.
Panellists on the 2017 energy future week will offer visitors relevant insights on emerging trends in the field of Oil and Gas logistics and supply chain management. Furthermore, participants will have the opportunity to engage with industry experts and discuss employment opportunities.