The world's energy sector is changing a lot. New political events and big money for energy projects are causing this. People also think we will need more energy in the future. A major change will be more liquefied natural gas (LNG). This will change how the energy market works. At the same time, more money is being spent to find oil and gas. This shows that fossil fuels are still important. Countries also want to be more independent with their energy. For example, the European Union wants to stop using Russian energy by 2030.
New ways to move energy are also important. The United States is making an energy plan for Southeastern Europe and the Mediterranean. Greece is a key country in this plan. Companies are also looking for new oil and gas. Chevron has rights to explore near Crete. The Eastern Mediterranean is becoming more important. Cyprus plans to send gas to Egypt by 2027. Big companies like ExxonMobil and Chevron are also working more in Egypt's waters. Egypt will start a big drilling project worth $5.7 billion. BP and Eni will help pay for this.
More LNG will soon be available. The International Energy Agency (IEA) says much new LNG production will start in 2025 and 2026. This could increase world supply by about 60% before 2030. Because of this, countries are making deals for future LNG. Turkey recently made deals worth $43 billion with American companies. Experts from McKinsey think global gas demand will grow by over a quarter by 2050. Therefore, this new supply will be needed.
However, some people warn about future shortages. ExxonMobil says that if investment stops, oil and gas fields will produce less. Companies are spending a lot of money on new projects. OPEC+ will not increase oil production for a while. But they still expect oil demand to grow until 2026. The IEA also predicts oil use will reach about 113 million barrels per day by 2050. This is because the move to new energy is slower. Also, AI, cars, and factories will need more energy.
These changes will have big effects. The LNG market may have more buyers than sellers. This could mean lower prices. The Eastern Mediterranean is becoming very important for energy. However, using more fossil fuels might make it harder to reach climate goals. ExxonMobil's boss said that too much oil might only be a problem for a short time. Prices for oil might drop a little, but then go up again. The global energy future will be busy and long.