Carl Lomas in a full house looking at energy and fuel in a period of extreme volatilty at the 20th Fuellers Annual Energy Lecture, inaugurated by Fueller liveryman, The Lord Ezra MBE, on Monday 28 September 2026 was held at Carpenters’ Hall. The lecture was given be given by Claudio Galimberti, Partner & Chief Economist of Rystad Energy and concluded with a very interactive Q&A session asking AI energy use and drive from diesel generating engagement to EV..
Claudio Galimberti opened an exceptional lecture with ‘The energy chain, 7 reasons driving a new world order for energy.’
-Exit scenarios from Hormuz
-The fate of OPEC
-2027 Oil Outlook
-LNG Markets
-US Mid term elections
-The crisis and speed of energy transition
-The oil investment conundrum
Claudio reflected on a triangle, we should be in the middle of, a triangle, marked with corners of reliable, sustainable and affordable. The sustainable corner was about net zero. Claudio spoke geopolitical impacts that moved around the target around the triangle.
‘Governments around the world, including ours in the UK, remain committed to achieving net-zero emissions and accelerating the transition to a low-carbon economy, yet recent geopolitical events have exposed an uncomfortable reality: the cleaner the energy transition becomes, the more critical energy security has become.
The wars in Ukraine and the Middle East, coupled with persistent threats to the Strait of Hormuz and the Bab el-Mandeb, have highlighted the vulnerability of global energy supply chains. Around 20 million barrels of oil per day, roughly a fifth of global oil demand, and 20% of global LNG supply transits the Strait of Hormuz alone. While global energy demand is forecast to continue rising well into the next decade, a reality often overlooked is that even the Intergovernmental Panel on Climate Change’s (IPCC) own assessment shows the dominance of fossil fuels in the global energy mix beyond 2050 for all scenarios except the 1.5 degrees scenario.
Iran, the largest disruption ever in the history of oil.
Oil prices have experienced periods of extreme volatility, strategic petroleum reserves have been drawn down from historic highs, and governments are once again confronting questions of affordability, resilience and national security. The central challenge for policymakers, financial institutions and the energy industry is no longer how to decarbonise, but it is about how achieve and maintain energy security while decarbonizing, without compromising economic competitiveness or public confidence.
The memorandum of misunderstanding. Backdoors, long ocean routes for barrels. ‘I don want to deal with this in the future.’ China’s role as a swing consumer, tolerance level is hard to judge.
China road transport is seeing a strong shift to electric trucks as diesel prices rise.
In Britain, our electricity prices have now risen to the highest in the world and its impact on our industries and general public is now palpable. What do the next 5-10 years portend for our economies? What are the scenarios that we should plan for? ‘
At a time when energy policy is being reshaped by war, geopolitics and the realities of the energy transition, this timely lecture aims to provide a fact-based insight into the trends that will determine our medium-term energy and economic outlook.
As Britain and Europe grapples with persistently high industrial electricity prices, investment in new energy systems accelerates, and geopolitical risks continue to reshape global markets, this promises to be an authoritative and thought-provoking discussion on the future of energy security in an increasingly uncertain world not just for The City but for our shared future prosperity.’
