Oil and Gas Will Retain Key Role in Global Energy Balance, Head of Russian Oil Company Rosneft Says
© Sputnik . Maksim Bogodvid
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The Rosneft CEO noted during his report at the Doha Forum that one of the main challenges for the global energy industry has become the unprecedented volatility in the energy market and the "use of energy for political purposes."
Renewable energy sources are unable to meet the growing energy consumption of both developing countries and data centers, and the role of fossil fuels in ensuring global energy security is becoming strategic, said Rosneft CEO Igor Sechin.
"At the same time, ensuring energy security, the main function of energy, is given secondary importance," he noted. "We should not forget that 750 million people in the world still do not have access to electricity at all."
In order to raise the standard of living of the population of developing countries to at least half the level of the "golden billion" living in developed countries, it is necessary to increase oil production almost twofold.
"Moreover, it is necessary to provide energy sources for the growth of consumption of the soaring economies of India, the countries of Southeast Asia and Africa as a whole," said Sechin.
Sechin recalled that according to the forecasts of leading international banks, economic growth in developing countries and the development of data centers will lead to an annual increase in energy consumption to almost 9 million barrels of oil equivalent per day with the current world consumption of 300 million. At the same time, next year, the production of electricity from renewable sources may grow by only two million barrels of oil equivalent per day.
"This means that the role of fossil fuels in ensuring global energy security is becoming strategic," the company's top official concluded.
