Global and regional orders and the changing geopolitics of energy

Abstract

Attention by international relations scholars to the transformation underway stemming from the rise of China has not been matched by that given to the transformation underway in the international energy system. This article looks at three dimensions of that transformation: the end of cheap oil and the rising trend of energy prices; the changing role of the traditional international oil companies and the rise of national oil companies; and the growing energy importance of the Middle East and Russia. It looks at how these changes have already affected or are likely to affect three strategic relationships: US-Middle East; US-China; and Europe-Russia-US. It concludes that more attention needs to be given by scholars to what will be major changes in global geopolitical relationships with considerable consequences for the foreign policies of the major powers.