Vision

A short time ago, assuring the balance of supply and demand and combating climate change were the basic features of the energy issue. The global economic crisis made everything much more complex in the last few months.

In 2009, the energy scenario will be dominated by the fallout of the crisis on energy security. Due to the global reduction of economic activities, demand for energy has become much smaller, making business in the energy sector to suffer a quite strong impact. Notwithstanding, it is crucial that the energy companies keep investing.

The demand for energy from primary sources will be recovered in the medium to long term after this juncture. Governments should increase their participation in the energy scenario in order to assure that investment necessary to support future supply levels of traditional sources will be made properly, as well as the one directed to reduce the current dependency upon fossil energy sources.

The sudden fall of oil prices was responsible for a significant slowdown in the development of renewable energy. Governments should also encourage its recovery. We must reach changes in our lifestyle that can assure social, economic and environmental sustainability in benefit of the current as well as future generations.  Cooperation is crucial for energy efficiency and conservation, local production, poverty reduction, technological development and the actions of firms, consumers, governments and the society as a whole to keep on improving every day. 

As difficult as it may be, current proactive decisions are essential for assuring worldwide energy security in the next years.

José Sergio Gabrielli de Azevedo, President and Chief Executive Officer, Petroleo Brasileiro Petrobras, Brazil