The demand for oil in the future will not be satisfied with existing projects, and the industry can be called a strongly in-infinited, which creates risks, said Leonid Fedun, vice president of LUKOIL. His presentation on the presentation of the prospects for the development of world energy until 2050 quotes “Interfax”.
“Inside of the oil industry can lead to a dramatic increase in oil prices,” Fedun warned.
According to him, until 2030, oil consumption will be stable, but then a sharp decline in demand is followed – first in Europe, and then in the United States and China.
In the LUKOIL forecast, it is noted that the world is now facing a serious challenge: on the one hand, it is necessary to ensure the growing population of the Earth with an affordable energy, and on the other hand, greenhouse gas emissions must be reduced to slow down global warming. In this area, it is believed that the experience of a pandemic showed how important is to ensure the stability of the supply of fossil fuel.
At the same time, as the deputy head of the Ministry of Energy Pavel Sorokin predicted, after 10 years the quality of oil produced in Russia will decrease strongly, and almost all reserves will be transferred to the category of hard-to-recover. He, in turn, expects hydrocarbons will continue to remain the basis of world energy balance in the next 25-30 years.