The recent rise in oil prices reminds us that volatility will remain a core feature of the global hydrocarbon market. But what are the more fundamental changes we can expect over the next decade? In my 30 years in the energy business, I have witnessed several major periods of change. The rise of OPEC's power marked the early 1980s, the rise of the supermajors then followed the discoveries of oil outside OPEC's sphere of influence. More recently, we have seen the impact of emerging market demand and the rise of national oil companies.
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