Abdullah warns tussle for energy resources may spark global crisis

KUALA LUMPUR: Malaysia’s leader on Monday warned of a global crisis over the tussle for energy resources amid declining supply, and urged major oil producers and consumer nations to jointly develop new resources.

Prime Minister Abdullah Ahmad Badawi said the period of cheap oil is “effectively over” as rising demand in Asia and the United States, bottlenecks in the supply chain, speculative trading and political uncertainties have raised prices and sparked concerns over energy security.

Opening a two-day Asia Oil and Gas Conference, he said world consumption is expected to reach more than 100 million barrels of oil a day and some 150 trillion cubic feet of natural gas by 2025.

“The growing demand for depleting oil and gas resources is likely to trigger more intense competition to gain access and control over these resources,” Abdullah said.

The Star (Malaysia)