SOCAR President: Global energy sector faced long-term investment shortages

Investment shortages have been observed in the global energy sector for many years, said Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), at a panel discussion held on the second day of Baku Energy Week, Report informs.

"As in the oil and gas industry, investments in energy projects do not yield results in the short term, and therefore, in the future, a certain gap between supply and demand may emerge," Najaf stated.

The SOCAR President believes that improvements in energy efficiency can partially offset demand growth: "In particular, artificial intelligence technologies are expected to help both companies and households use energy more efficiently. Changes in the energy market are happening very quickly, which makes long-term forecasts difficult. Three years ago, one of the main topics of discussion was competition for human resources in the renewable energy sector. Today, however, the focus is increasingly on artificial intelligence and data centers. Over the past three years, the agenda of the energy sector has changed significantly."