Head of Rosneft States World Far From Peak Oil Demand
The world is still far from peak oil demand, said Igor Sechin, Chief Executive Officer of Rosneft.
“Oil accounts for more than 30% of global energy consumption, coal for 25%, gas for 22%, and it appears that we are still far from the peak of fossil fuel demand,” he said during a presentation at the Special Session of the XVII Verona Eurasian Economic Forum.
Economic growth in developing countries and the development of data centers are projected by Bank of America to boost annual energy consumption to 9 million boepd compared to current global consumption of 300 million boepd, while renewable energy production may grow by only 2 million boepd next year.
He recalled that by 2035, investment bank JPMorgan expects global oil demand to increase by nearly 6 million bpd due to rising consumption in India and developing countries.
“This means that oil and gas will continue to play a key role in ensuring global energy security,” the head of Rosneft emphasized.
Rosneft Information Division
Rosneft Oil Company
December 5, 2024