Sechin’s bold prediction on the endurance of fossil fuels

At the 27th Saint Petersburg International Economic Forum, Rosneft CEO Igor Sechin delivered a compelling speech on the energy panel, focusing on the ongoing energy transition. Sechin highlighted the Organisation of Petroleum Exporting Countries’ (OPEC) recent forecast which suggests that oil demand is set to increase by nearly 20% to reach 116 million barrels per day by 2045, with oil maintaining a 30% share of the global energy mix.

“Despite the narratives surrounding the peak oil theory, the realistic projections by OPEC indicate sustained growth in the oil sector,” Sechin remarked.He emphasised that developing nations will be pivotal in driving this growth.. By 2030, these countries are expected to contribute 95% of the total increase in oil consumption, with Asian nations leading the surge.