The global demand for oil will continue to grow despite expectations of its peak, as Igor Sechin, Chief Executive Officer of Rosneft, said at the Energy Panel at the 27th St. Petersburg International Economic Forum.

“It is not surprising that global oil demand continues to grow despite the expectations of the so-called "oil peak". I believe that OPEC's forecast paints quite a realistic picture of the future of the global energy industry”, he said. Igor Sechin reminded that according to this forecast primary oil demand would grow almost by 20% to the value of 116 million bpd by 2045. Oil would to continue to account for about 30% of the global energy mix.

At that, the head of Rosneft believes that developing countries will be the main drivers of oil consumption in the coming decades. By 2030, demand growth in this group of countries is expected to account for 95% of global consumption growth in aggregate. The highest growth in oil demand is expected in Asian countries, which are Russia's main trading partners.

Igor Sechin paid a special attention to India: “India's economy has made significant strides in recent years. Since 2010, India's energy demand has grown by 45%, making the country the third largest energy consumer in the world.” He also noted that India is projected to continue its strong economic drive over the next five years, become one of the top three largest economies in the world with a GDP of USD 5 trillion, and overtake the US in terms of economy size by 2050. India's end-use energy consumption is expected to grow by 90% by 2050, one of the highest growth rates in the world.

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Rosneft
June 8, 2024