World Knowledge Forum 2016

New Leadership in the Maelstrom
Time/Place 13.  08:30 ~ 09:30, Ruby
Synopsis How will the í«game of chickení» between shale oil producing countries and companies end? North American shale companies were expected to go bankrupt due to continued low oil prices but they still remain undiminished. Shale companies were expected to be hit by the high shale production costs but the companies seem thriving as they succeed in reducing production costs. The Organization of Petroleum Exporting Countries (OPEC) are trying to raise the international oil prices but they are concerned because shale companies may increase its production. The energy market was hit by the í«shale revolutioní»in the 2000s and the market size of US $7 trillion has been fluctuating every year. The international oil price fall has been continuous since the second half of 2014 and no one believes oil price will be at US $ 100 a barrel anytime soon. The shale oil producing countries, which once tried to turn down the shale companies, are now competing with the companies as they face difficulties in reaching agreements. International energy experts will discuss the future of the shale companies and changes in the international energy industry caused by the competition between the OPECs and shale companies.

•Can the shale revolution eradicate the price war encouraged by traditional oil-producing countries?
•How will energy market volatility caused by the shale revolution affect the global economy?
•How will the shale revolution affect Korean energy industry and economy?
Koyama Ken (The Institute of Energy Economics, Japan (IEEJ), Chief Economist & Managing Director)
Tatiana Mitrova (Center on Global Energy Policy (Columbia University), Research Officer)
Tim Gould (International Energy Agency (IEA), Head of Energy Supply Division)
Younkyoo Kim (Hanyang University, Professor)