The CEO of the Russian oil and gas company Rosneft, Igor Sechin, announced that to meet the needs of developing countries, an approximate two-fold increase in oil production is necessary.
Publish dateSunday 8 December 2024 - 15:07
According to Amac News: Sechin, who was speaking on the sidelines of the XVII Eurasian Economic Forum in Ras Al Khaimah, UAE, stated that the modern energy system is highly dependent on fossil fuels, and these fuels currently account for more than 80% of the total primary energy consumption globally. They form
He pointed to the research of Russian scientist Pyotr Leonidovich Kapitsa and added that experts from McKinsey and prestigious Western universities have confirmed that fossil fuels have a high energy density. He emphasized that diesel fuel is approximately 30 times more efficient than hydrogen, and natural gas is 270 times more efficient than wind and solar energy.
Sechin also said that the demand for fossil fuels has not yet reached its peak. He predicted that improving living standards in developing countries would require a significant increase in oil production.
Sechin added that oil accounts for more than 30 percent of global energy consumption, coal 25 percent and gas 22 percent, indicating that we are still far from peak demand for fossil fuels.
Meanwhile, investment bank JPMorgan also predicts that by 2035, global oil demand will increase by almost 6 million barrels per day, mainly due to rising consumption in India and other countries.
He pointed to the research of Russian scientist Pyotr Leonidovich Kapitsa and added that experts from McKinsey and prestigious Western universities have confirmed that fossil fuels have a high energy density. He emphasized that diesel fuel is approximately 30 times more efficient than hydrogen, and natural gas is 270 times more efficient than wind and solar energy.
Sechin also said that the demand for fossil fuels has not yet reached its peak. He predicted that improving living standards in developing countries would require a significant increase in oil production.
Sechin added that oil accounts for more than 30 percent of global energy consumption, coal 25 percent and gas 22 percent, indicating that we are still far from peak demand for fossil fuels.
Meanwhile, investment bank JPMorgan also predicts that by 2035, global oil demand will increase by almost 6 million barrels per day, mainly due to rising consumption in India and other countries.
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Source : news agency wam
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