Sechin predicts structural shortage of oil

Sechin: in the next ten years we are waiting for a structural shortage of oil

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June 21. FINMARKET.RU - the Level of demand for hydrocarbons by 2040 will be higher than today even in the most challenging scenarios, says CEO of "Rosneft" Igor Sechin.

 

"World economic growth, search of the way to improve the welfare of the population, especially in emerging markets for decades to come determines the growth of world demand for products of oil industry, the increase will apply to both transport and production of deep processing of petrochemical 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.

 

"Today the market is quite unanimous in the assessment that in the next ten years we are waiting for a structural deficit of oil - because of a 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 Igor Sechin to the statement it is noted that addressing the supply shortage requires 15 million barrels./day new prey.
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Not gonna happen since oil demand will peak and decline soon and fast due to electric autonomous cars and boats first, then electric autonomous planes. 

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