The photo is sourced from photo.roscongress.org
According to OPEC+ forecasts, oil demand in 2024 will grow by 2.2 million barrels per day (bpd), to 102 million bpd. “Looking ahead 2030, which is in fact not far, only 6 years left, today’s 102 million bpd could turn into 110 million bpd or even 115 million bpd,” the deputy prime minister said.
“Oil will find its application,” the deputy prime minister emphasised. “Earlier they said when the peak of oil demand may be over, now we should say that oil is a new opportunity,” he noted.
At the same time, the demand for gas will grow. Its consumption in the world for over 20 years may match oil consumption or even overtake it.
“Gas is the most promising and a highly environmentally friendly resource. Its consumption is sure to grow in the future. Yes, today gas accounts for a smaller share in the energy mix, but in 20 years, it will equal oil in the world energy mix, and maybe, its share will be even higher,” Alexander Novak said.
According to him, this will happen even though the gas market is more territorial and Western sanctions are holding back supplies to the nearest markets. “With the development of LNG, the gas market is globalising. And yes, there are made spurious decisions in an attempt to regulate it. But logistic chains are being revised, and the price for end consumers is increasing, the market is gradually balancing,” the Deputy Prime Minister said.
As Alexander Novak noted, the volume of air transportation and petrochemicals will continue to grow, the demand in Asia and Africa will also grow, the world economy will develop and the world population will increase. At the same time, digital technologies, data processing centres and artificial intelligence will continue to develop, which will only increase the electricity demand.
