Irfaan Ali, President of Guyana, says that energy investments are not enough to meet demand

Irfaan Ali, Guyana’s President, said on Monday that the gap between supply and demand was widening, due to global energy systems being under strain. The Iran war is now in its third month, and it continues to push up oil and natural gas prices.

Since the beginning of?the war, energy markets have been in turmoil. The conflict has damaged infrastructure throughout?the Middle East, and the resulting closure of the 'Strait of Hormuz - a major trade chokepoint - has led to a significant drop in prices. Oil prices are now above $100 per barrel and trade flows around the world have changed as some nations rush to secure supplies.

Guyana is now a major player on the global energy scene, thanks to the recent development of its offshore fields. Exxon Mobil leads a production group in Guyana and has increased its 'output capacity' to more than 900,000 barges per day, since they began producing crude oil in the South American country.

Ali stated at the Offshore Technology Conference held in Houston, Texas that "we must look at the'reality' of our world during this transition." He said that the current energy system is not able to keep up with the pace of demand.

(source: Reuters)