Baku: Geopolitical crises impacting the energy sector have become a regular occurrence, necessitating global adaptation, Philip Mshelbila, Secretary General of the Gas Exporting Countries Forum (GECF), stated during the 'Gas Markets: Infrastructure, Strategy and Geopolitics' session at the Baku Energy Forum.

According to Azeri-Press News Agency, Mshelbila pointed out that while major geopolitical events affecting energy markets were once infrequent, they now happen every one to two years. He highlighted that although geopolitical events do not always impact the energy system, when they do, the repercussions are felt worldwide. These occurrences have shifted from being exceptions to becoming the norm.

Mshelbila explained that recent crises have influenced not only oil and gas markets but also helium supplies critical for microchip production, fertilizer manufacturing, and the global economy. He noted that the primary response from energy markets has been to diversify supply sources, routes, and energy balances.

The GECF Secretary General emphasized the global trend of countries seeking new supply sources to bolster energy security, reflected in the growing interest in nuclear energy and the acceleration of renewable energy projects. He stressed that these shocks are no longer once-in-a-generation events, necessitating strategies, policies, and infrastructure plans that account for ongoing risks.

Mshelbila concluded by asserting that in the current climate, cooperation among countries and the interconnection of energy infrastructure will be crucial for ensuring energy security.