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October 13, 2022

Global Energy Trends: Today and Tomorrow


KEY CONCLUSIONS


The occupancy rate of Europe’s underground gas storage facilities makes it impossible to predict its performance in winter 


“I understand our colleagues from Western Europe. They say that they have filled 80–100% of their underground gas storage capacity. But this is all about capacity and has nothing to do with consumption. When we talk about consumption, the volume of gas stored in Europe covers only 26% of consumption. Just over a quarter of the demand [is met, – Ed.], in Hungary,” Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary.


“Russia has always been a reliable supplier. I have already mentioned that. We had more than 20% of the world market in terms of oil supplies, and almost 40–50% in terms of gas energy supplies. Where will our colleagues, our European ‘partners’, get the missing resources today? There is no answer to this question,” Alexander Novak, Deputy Prime Minister of the Russian Federation.


Russia is a responsible energy supplier and a significant player on the global fuel and energy market


“Russia is a responsible energy supplier, it is very important for us to secure the global oil and gas supply, which we will do,” Alexander Dyukov, Chairman of the Management Board, Chief Executive Officer, Gazprom Neft.


PROBLEMS


The world faces a global energy supply crisis 


“The situation in the energy sector is ambiguous. As Russian President Vladimir Putin said yesterday, we are currently witnessing an acute crisis in the energy sector. As for the European energy market, Europe, thanks to the help of its overseas partners, is shooting itself in the foot,” Alexander Novak, Deputy Prime Minister of the Russian Federation.


“We are now facing a global energy supply crisis. You all know that the solution to this situation is just one word. One word that sounds like ‘peace’,” Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary.


“Less [of energy for people, – Ed.] is available at the moment, and the availability that was just yesterday is starting to diminish dramatically,” Igor Shuvalov, Chairman, VEB.RF.


Existing geopolitical conflicts threaten European energy security


“We, Russia, will find markets for our goods. New routes will be created, and production, processing and delivery will be ensured. But this is our national interest. If we talk about the global interest, we need to return to the negotiating table, we need to look for compromises, because any restrictions against the energy market in the Russian Federation will lead to the violation of global security and restrictions for millions, hundreds [of millions, – Ed.]. They will not have access to energy,” Igor Shuvalov, Chairman, VEB.RF.


“TurkStream has been operating safely. We are concerned and shocked by the explosions on the Nord Stream pipelines, because they attacked strategic infrastructure,” Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary.


“There is a global underinvestment in hydrocarbon energy at a global level, and this is created artificially,” Alexander Novak, Deputy Prime Minister of the Russian Federation.


SOLUTIONS 


Russia needs diversification of energy supplies and additional infrastructure


“The two key areas [development of the oil industry, – Ed.] are diversification of supplies and new directions, routes for the supply of our energy resources. First of all, by expanding the pipeline infrastructure and seaport facilities,” Alexander Novak, Deputy Prime Minister of the Russian Federation.


“The challenging task we are tackling and will have to address is that of creating the supply infrastructure to support our entry into new markets. Here we need to talk not only about transport infrastructure within the Russian Federation and new pipelines or seaport facilities, but also about the appropriate infrastructure to support maritime transport. Including additional infrastructure – a tanker fleet,” Alexander Dyukov, Chairman of the Management Board, Chief Executive Officer, Gazprom Neft.


“We need to build tankers. One million tonnes is one tanker. Just given today’s situation, this also reduces the political risks. Today, the market is becoming global,” Leonid Mikhelson, Chairman of the Management Board, Member of the Board of Directors, NOVATEK.


For more information, visit the Roscongress Foundation’s Information and Analytical System roscongress.org   and the official Forum website rusenergyweek.com.