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The Global Energy Prize annually honors outstanding achievements in energy research and technology from around the world that are helping address the world’s various and pressing energy challenges.

William Byun about uncertainty in the global oil market

The recent fallen oil prices is quite dramatic looking but for now, it may not be as serious. The real serious consideration will come in if this price instability, the sudden fall or maybe if the price goes up and down persists. That kind of uncertainty is what really would destabilise the markets and it's frankly not a good situation for anybody. For me I spent my time between the US and Asia, and in both situations it'll cause the kind of instability is bad for markets. In Asia it may look like lower energy prices may be good for the industries but again with that kind of uncertainty and instability financing and planning ahead is difficult to do. In the U.S. definitely the domestic oil producers are being affected. But the U.S. is so large that there's probably going to be a government response in terms of support programs, restrictions, other kinds of artificial constraints that again will also distort the market.In both cases, those types of developments are not good for an orderly progress. The best situation going forward either for the global context or even for Russia would be that the sudden price change could be seen as a signal to engage in more concerted negotiation and a way to make a new equilibrium, arrangement between OPEC, Russia the US and other parties. So the quicker that stability can be restored, the better it is all around. 

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