Venezuela has more oil reserves than any other country in the world with 303 billion barrels. Following them is Saudi Arabia with 267 billion barrels. And then comes Iran with 209 billion barrels.

The UK, in comparison, has an estimated oil reserve of 4 billion barrels and a proven reserve of just 1.5 billion. The UK’s yearly consumption of oil is approximately 500 million barrels which means that, based on our current energy consumption rates, we only have enough to power our nation for three years without further oil importation or innovation.

But this is where strategy comes in. The UK, like all other nations, must now be turning to innovative technologies which extract energy from novel sources and to developing contingency plans for future years. There is no dominance without innovation, and innovation in all sectors is fuelled by energy.

On Tuesday I was honoured to be invited to discuss the latest on the global energy situation with Ian Collins on TalkTV. As a strategist with decades of experience working in the energy industry, I was able to give viewers an insight into how these crucial decisions are made behind closed doors.

Watch my TalkTV interview below. The broadcast begins at 1:04:30.