In Russia, waiting for the oil shortage in the next ten years

В России ждут дефицит нефти в ближайшие десять лет

The oil shortage is estimated at 700-750 million tons of annual production by 2025, the head of Rosneft Igor Sechin.

The level of demand for hydrocarbons by 2040 will be higher than today even in the most challenging scenarios. This was stated by the head of Rosneft, Igor Sechin at a meeting of shareholders in Krasnoyarsk, Interfax reported Thursday, June 21.

Sechin believes that the world economic growth for decades to come determines the growth of world demand for the products of the oil industry.

“Even in the most challenging scenarios the level of demand for hydrocarbons by 2040 will be higher than today, but five years ago few people believed that, by the end of 2017, the demand for hydrocarbons will be of 98.2 million barrels a day, adding 1.3 percent per year,” – said Sechin.

According to him, “today the market is unanimous in assessing that in the next ten years, we will see a structural shortage of oil”.

“Indeed, the growing oil demand is imposed on the production decline in depleted fields is a major and the effect of reducing their capital investments over the past five years. Oil shortage – excess demand over supply – is estimated at 700-750 million tons of annual production by 2025,” – said the head of “Rosneft”.

In the presentation of Sechin to the statement it is noted that addressing the supply shortage requires 15 million barrels./day new prey.

Earlier Igor Sechin warned of a possible price “superloop” on hydrocarbons because of the sanctions. In his opinion, because of the sanctions in the near term may be new price records in the oil and gas.

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