Western Hemisphere 2021 Energy Landscape and Outlook

the region. Our goal with this document is to provide a regional snapshot of key insights as we leave 2020 behind and head into what we all hope is a fresh new start and another important year for the Western Hemisphere’s energy sector.

Introduction

The new year always brings a fresh start. Changing the calendars from 2020 to 2021 was even more monumental given the duress of last year. But the new year also provides an opportunity to consider what key trends and issues face the region’s energy sector in the coming twelve months. To that end, the Institute of the Americas invited our 2021 Non- Resident Fellows to prepare short essays with their views on the landscape and outlook for the sector. Our Fellows are based across the Western Hemisphere and thus provide a unique angle to better understand the contours and possibilities for the coming year. Their essays set forth a high-level overview and outlook based upon two principal questions: What is the key energy trend to watch this year? What is the general landscape and outlook this year for the energy sector in your country? Additionally, this January in the United States a new administration takes office. The implications for the hemisphere are important and are at the center of one of our essays in this outlook.

Argentina Outlook By Andres Chambouleyron

The key energy variables to watch this year will be both oil and natural gas prices. These will be the result of the interplay between demand

(GDP growth) and supply (production and proven reserves). GDP growth, however, will be tightly linked to the evolution of the COVID 19 pandemic, confinement measures and the vaccination processes throughout the world. According to the U.S. Information Energy Administration (EIA), during 2020 demand fell by 8%, 3% and 2% for oil, natural gas and electricity respectively. EIA estimates that pre-crisis demand levels will be not attained until 2023 or

What follows is a compilation of essays prepared by our distinguished group of experts from almost every corner of

INSTITUTE OF THE AMERICAS

1

Made with FlippingBook Publishing Software