World to Continue Using Oil for A Long Time: Russia's Putin
TEHRAN (Tasnim) – Russian President Vladimir Putin said the world will continue using oil and gas for a long time despite the focus on renewable energy, emphasizing that the oil industry will be swamped with work for another 100 years.
Speaking at a meeting with the winners of the Leaders of Russia award on Tuesday, he persisted that hydrocarbons production would remain relevant for years to come, even with the increased talk about transitioning to the renewable energy, according to RT.
“No matter how they talk about the renewable energy sources, for a very, very long time humanity will be dealing with the issues of hydrocarbons, their production and use,” Putin said.
“There will be enough work for 100 years,” he underlined.
In its latest report published on Tuesday, the Organization of Petroleum Exporting Countries (OPEC) said global oil demand is expected to grow by 2.25 million barrels per day (bpd) this year and by 1.85 million bpd in 2025. According to the report, robust growth in global oil consumption will be largely driven by transportation fuels.
The Russian Finance Ministry forecast last year that the country’s revenues from oil and gas exports would surge by almost a third in 2024, reaching over $118 billion. A further increase in energy revenues to over $121 billion is predicted for 2025.
Russia sharply increased its energy exports to Asia last year after the EU stopped accepting the country’s oil transported by sea. China and India have emerged as major buyers of the Russian crude since Moscow redirected its shipment from Europe eastwards in response to Ukraine-related sanctions imposed by the West, the report added.
