Alexander Novak, Deputy Prime Minister of the Russian
Federation. spoke at the “Global Energy as
the Foundation of Economic Growth and Well-Being: In Search of Balance” panel
at the Russian Energy Week International Forum.
Other discussants included
Secretary General of
the Gas Exporting Countries Forum (GECF) Mohamed Hamel, Executive Vice
President and Minister of Oil of the Bolivarian Republic Delcy Eloina Rodriguez
Gomez, Minister of Energy of the Islamic Republic of Iran Abbas Aliabadi, State
Secretary for the Development of Bilateral Relations of the Ministry of Foreign
Affairs and Trade of Hungary Illes Boglarka, Deputy Prime Minister of the
Republic of Belarus Viktor Karankevich, and Minister of Energy of the Republic
of Uzbekistan Jurabek Mirzamahmudov.
The panel focused on aspects
of the global energy market operating amid the growing demand for global energy
in the next 20 years, on the role of traditional and renewable energy, and on the
effect of wrongful restrictions imposed on hydrocarbon-producing countries.
Alexander Novak
pointed out that, over the last ten years, demand for global energy had
increased by 13–14%. In the next 20 years, primary power consumption will
increase by 25%. There will be structural changes in both power consumption and
the range of sectors that shape the global demand for primary power. In particular,
the Deputy Prime Minister reminded his audience that digital technologies today
consumed 8–10% of power, a figure that will double over the next three years largely
because of increased consumption by e-vehicles. Despite the growing share of renewable
energy, hydrocarbons continue to play a key role in the global energy balance.
“The demand on global energy markets will be covered by traditional energy sources, hydrocarbons, primarily oil and gas. Today, annual oil consumption is growing by 1–2%. By 2050, we will see a
consumption rate of about 120 mbd (million
of barrels per day) instead of today’s 102 mbd. Gas consumption will grow
even faster: by 2050, there will have been an increase of about 35% compared to
today’s levels. That is, we can state that, despite a small dip in the market
share of hydrocarbons, they will still dominate in meeting the global demand for
power,” Alexander Novak said.
The Deputy Prime Minister
also reminded his audience that Russia is a key actor on the global oil market.
The FEC development strategy through to 2050 envisions retaining this global
leadership by using state-of-the-art technologies, achieving technological
sovereignty, modernizing oil, gas and the electric power sector, developing new
logistics routes, transport and port infrastructure.
Source: the website of the Government of Russia.
