ABSTRACT
This chapter explains the global and regional context for oil and gas developments in the Barents Sea. The international context - and how this context is interpreted and understood by decision-makers - will play a decisive role in determining how the Barents Sea evolves as a petroleum province. The chapter starts at the global level, with an overview of the oil and gas market projections of the International Energy Agency (IEA) for the coming years. Unconventional oil and gas and climate policy receive particular attention. It then moves to the regional level, where it casts a brief glance at the European and Asian gas markets and Arctic politics. It represents two contradictory effects. First, most of the growth in global demand for oil and gas during the coming decades will be found in the Asian countries. Second, the growth of Asia is changing Russia's internal priorities.
