Sarah Emerson

Sarah Emerson

Managing Principal

Sarah Emerson joined Energy Security Analysis, Inc (ESAI) when the petroleum consulting practice was launched in 1986. She is currently President of ESAI and a principal in ESAI Energy, LLC, which conducts research and consulting on global petroleum, NGLs, alternative fuels and natural gas markets.

Ms. Emerson has developed many of ESAI’s analytical tools for assessing the oil market and forecasting oil prices. In addition, she has supervised the development of an empirical source database of monthly data that cover the period January 1978 to present for every country in the world with particular focus on non-OECD countries. More broadly, she has conducted industry studies on a wide range of topics, such as the transfer of pollution in energy trade, the profitability of Asian refining, energy markets in the Indian Ocean, Strategic Petroleum Reserves, global automotive fuel markets, GHG emissions from gasoline and diesel production, the North American petroleum coke market, the export of U.S. processed condensate, the certification of Canadian exports via the United States, and the future of the Russian refining industry. In 1992, she published the first description ever available in the West of the Russian refining sector. She routinely helps companies assess the market value of liquids generated by new or expanded energy assets.

Ms. Emerson is an expert witness in energy sector arbitration and litigation, an adviser to national governments on energy security issues, and was a reader/commenter for the Intergovernmental Panel on Climate Change (IPCC) Fourth Assessment Report. She has testified before the Senate Energy Committee and regularly publishes articles in the energy trade press.

Ms. Emerson is a Senior Associate at the Center for Strategic and International Studies (CSIS) and has been a Senior Fellow at the Kennedy School at Harvard University. She serves on the Advisory Council of the Energy Resources and Environment Program at the Johns Hopkins University Nitze School of Advanced International Studies where she received her M.A. She received her B.A. from Cornell University.

Andrew Reed


Andrew Reed joined ESAI in 2007, became Principal of ESAI Energy LLC in 2009. He has more than a decade of experience analyzing petroleum, natural gas, NGL and alternative fuels markets. Prior to joining ESAI Energy, Mr. Reed was director of research at a risk management company specializing in the Russian energy sector. He is a specialist in Russian and Caspian energy with considerable experience living and working in that region and speaks fluent Russian and French. Mr. Reed earned an M.A. in International Economics/Russian Area Studies from The Johns Hopkins University Paul H. Nitze School of Advanced International Studies (SAIS) and a Graduate Certificate in Investment from The Johns Hopkins University Carey Business School.

Mr Reed heads  ESAI Energy’s Global NGL Outlook, which provides data-driven and forward-looking analysis of global ethane, LPG and naphtha/pentanes plus markets to NGL producers, petchem enterprises, traders and others with market exposure. Andrew is responsible for the analysis of the Russian/Capsian region and has authored served industry studies on NGLs, crude oil, refining, petroleum product, and nonconventional fuel markets.

Chris Barber

Principal and Manager Refining

Chris Barber joined ESAI in 2007 and became Principal of ESAI Energy in 2016. Mr. Barber has more than a decade of experience analyzing refining refined product and related markets. He received his B.A. in economics from Princeton University his M.B.A. from the Schulich School of Business at York University in Toronto. Prior to his M.B.A., Chris worked as an economic analyst at an environmental consulting firm.

At ESAI Energy, Chris Barber manages the firm’s global refinery database and the use of these and other analytical tools to analyze refinery-level crude demand by quality, refining configuration, product market requirements and pricing to calculate the profitability and viability of individual refineries. Additionally, Chris is an expert in biofuel and RIN markets. Mr. Barber has authored and contributed to several industry studies focused on refinery production, refinery and petrochemical feedstocks, crude oil valuations, and RFS and biofuel markets.