Head of Rosneft Expects Oil Consumption to Grow by 20 Mln Bpd by 2050

“World oil consumption may grow by 20 million bpd by 2050,” said Igor Sechin, Chief Executive Officer of Rosneft, during his report at the XVII Verona Eurasian Economic Forum.

According to Sechin, long-term forecasts of global oil consumption vary depending on the degree of engagement of the one who compiles them. “We see that the industry, as a whole, predicts a stable growth in oil consumption, which could be up to 20 million bpd by 2050,” Igor Sechin said.

In his view, the expected growth in oil demand makes oil production investment particularly important. OPEC estimates that meeting market needs will require an increase in oil production investment by almost 50% to $550 billion a year by 2050.

According to the head of Rosneft, in order to maintain oil production at the current level, about 11% of global production must be replaced annually. “Due to the depletion of conventional reserves, the importance of hard-to-recover oil, the cost of production of which is much higher, is increasing," Igor Sechin added.

Rosneft Information Division
Rosneft Oil Company
December 5, 2024