Renewable energy sources are unable to meet the growing consumption of energy resources from both developing countries and data centers, thus the role of fossil fuels in ensuring global energy security is becoming strategic, said Igor Sechin, Chief Executive Officer of Rosneft.

According to him, unprecedented volatility in the energy market has become one of the main challenges for the global energy industry. «The root cause <...> is the use of energy for political purposes. <...> At the same time, energy security, the core mission of the energy sector, is given secondary importance», -  Sechin noted during his report at the Doha Forum.

«It is worth recalling that 750 million people across the world still don't have access to electricity at all»,- Rosneft's CEO emphasized.

In order to raise living standards in developing countries to at least half the level of the “golden billion” living in developed countries, oil production would have to almost double. «At the same time, it is necessary to provide energy sources for the growing consumption of the soaring economies of India, Southeast Asia and Africa as a whole»,- Igor Sechin said.

Igor Sechin reminded that according to the forecasts of leading international banks, economic growth in developing countries and the development of data centers will lead to an annual increase in energy consumption to almost 9 million barrels of oil equivalent per day, compared to the current global consumption of 300 million. At the same time, renewable energy production may grow by only two million barrels of oil equivalent per day next year. «This means that the role of fossil fuels in global energy security is becoming strategic», - the head of Rosneft stated.

Rosneft Information Division
Rosneft Oil Company
December 7, 2024