World needs 2-fold increase in oil production to meet demand, says Rosneft CEO

Demand for fossil fuels has not reached its peak and there will be a need for a 2-fold increase in oil production in the future to meet demand from developing nations, said Igor Sechin, CEO of Russian oil firm Rosneft.

While speaking during the XVII Verona Eurasian Economic Forum in Ras Al Khaimah, he said that the modern energy system is wholly based on fossil fuels, which currently accounts for more than 80 per cent of all primary energy consumed worldwide.

He elaborated that fossil fuels are easily transportable, which is a major advantage for the global economy.

“Developing and expanding upon the research of the great Russian scientist Pyotr Leonidovich Kapitsa, McKinsey experts and renowned scientists from leading Western universities confirmed that fossil fuels also have a high-density flow of energy. According to this indicator, diesel is almost 30 times superior to hydrogen, and gas is 270 times more superior to wind and solar energy, respectively,” noted Igor Sechin.

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He added that the peak in demand for fossil fuels has not yet been reached. Increasing the living standards of the populations of developing nations to at least half the level of the “golden billion” will mandate an almost 2-fold increase in oil production in the future.

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