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‘Current high oil prices must not lull us into false sense of security’ – T&T Energy Chamber Chairman

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The world has gone from negative oil prices to historic highs in just a few years. But Chairman of Trinidad and Tobago’s Energy Chamber, Dwight Mahabir, has cautioned countries to not let these current high oil prices lure them into a false sense of security. The Chairman related this when he delivered this presentation at his home country’s energy conference last week. This is the first in-person conference that Trinidad has hosted in two and a half years.

As of Tuesday, June 7, Brent crude futures were up 28 cents, or 0.2%, at $119.79 barrel. The benchmark hit a three-month high of $120.99 on Monday.

Mahabir said, “While the push in Europe to find alternatives to Russian gas and oil has refocused attention on fossil fuels, the longer-term climate imperative remains firmly in place and is driving long-term strategy.  Just six months ago, the imminent end of the fossil fuel era was a frequent topic of conversation.

“While there now seems to be a more balanced view, as an oil and gas-based economy we must not let the current geopolitically driven high price environment lull us into any false sense of security,” Mahabir outlined in his presentation.

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With so much uncertainty, the Chamber’s Chairman expressed that it is difficult to chart a course forward, “But that is exactly what we must do,” he pointed out.

This year’s conference was themed, ‘Leveraging the industry’s strengths for the energy transition’. Against this, Mahabir indicated how “immediately imperative” it is for Trinidad and Tobago to secure an additional supply of natural gas.

“This will allow us to preserve our world-class LNG (liquefied natural gas) and petrochemical sectors while creating space to diversify our economy and navigate the energy transition. This is vital for all member companies of the Energy Chamber, from the smallest contractors through to the major multinationals,” Mahabir related.

He went on to refer to the six-point plan that the Energy Chamber released a few weeks ago, which he believes will enable the securing of additional gas supplies and ensure that Trinidad’s commodity exports can continue to reach international markets.

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