The centre of gravity of the global energy economy has shifted. Demand and therefore trade have shifted from the Atlantic Basin to the Pacific. The immediate implications are obvious: the oil price is now crucially influenced by trends in China; over the past few years natural gas prices have been first driven by the pattern of demand in Japan and Southeast Asia.

Easternisation of the energy business began in the 1970s. But the scale of the shift today has also altered the balance of power and risk. Economies such as China and India have become ever more dependent on imports and energy security has become an Asian issue.

The surplus of oil supply has forced prices below those of 40 years ago in real terms, but energy security is not guaranteed. Security is a function of trade and of countries’ dependence on imports, which in the case of oil tends to come from places not renowned for stability.