Game Theory is a sophisticated mathematical approach for establishing the best course of action in the face of uncertainty. This article claims that some classical games (prisoner’s dilemma, the trust game, the chicken game, the called bluff game) are at work in international energy markets. A classical prisoner ́s dilemma can be seen, for instance, in the traditional attempts by OPEC members to raise the oil price, an attempt which, while made easier by Russia’s rapprochement to the OPEC under Putin, are becoming harder as a result of the shale revolution in the USA. When a state becomes heavily dependent on imported natural gas its foreign policy may be exposed to the risk of a chicken game, which can be alleviated by a diversification of gas supplies (including through liquified natural gas or LNG) and transformed into a called bluff game. Due to their significant up-front fixed costs and financial depend-ence on their future revenue stream, big investments in energy projects always entail a trust game. Finally, the international efforts to fight climate change by curtailing CO2emissions, as envisaged in the December 2015 Paris Agreement, are another prison-er’s dilemma, made thornier not only by the differences in priorities between devel-oping and developed countries, but also by the US recent transformation into one of the main hydrocarbon producer of the world, even ahead of Saudi Arabia and Russia…

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