Heatwaves and Hormuz: Demand over supply

The article discusses the developments in the global energy crisis and the impact of climate change and geopolitical tensions on energy security. It points out that Europe is facing record heatwaves and an increasing demand for electricity, reflecting accelerated climate change and its economic and health costs. The importance of the Strait of Hormuz as a primary geopolitical threat in the oil market is also highlighted, especially given that global markets depend heavily on its movement. Conversely, the article shows that exporting countries will continue their investments in foreign export infrastructure to preserve oil and gas supplies, while importing countries are moving toward reducing reliance on fossil fuels by promoting renewable energy and improving efficiency, aiming to protect their future security. Ultimately, the concept of energy security is shifting from a focus on supply to one on reducing demand and promoting sustainable and resilient energy systems.

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