Igor Sechin: improving living standards in developing countries requires doubling oil production

Improving the living standards of the population of developing countries to at least half the level of the "golden billion" will require an almost 2-fold increase in oil production, said Igor Sechin, Chief Executive Officer of Rosneft, during his speech at the XVII Verona Eurasian Economic Forum.

According to him, the high efficiency of the modern energy system has led to a 1.5-fold increase in global energy consumption in the last 20 years alone. At the same time, a number of factors will support further growth.

"Today, energy demand is growing in developing countries, where 750 million people still have no access to electricity at all. At the same time, per capita energy consumption in the US is 3.5 times higher than the average consumption on the planet and 10 times higher than in India," Sechin emphasised.

"To improve the living standards of the population of developing countries to at least half the level of the “golden billion”, it is necessary to almost 2-fold increase oil production," said the head of Rosneft.

The increase in energy consumption by data centres (DPCs) is another driver. "According to Goldman Sachs investment bank estimates, global electricity consumption by data centres could grow 2.5 times by 2030 and exceed 1000 terawatt-hours, which would be equal to almost half of Europe's consumption," Igor Sechin said.

Rosneft Information Division
Rosneft Oil Company
December 5, 2024