Russia aims for near-complete self-sufficiency in oil industry

Rosneft oil refinery in Gubkinsky town, Western Siberia, Russia. (Photo: AFP/VNA)

According to Deputy Prime Minister Novak, Russia expects to achieve almost complete import substitution in the oil sector by 2027, thanks to close coordination between the state and energy enterprises.

In the long term, Russia aims to assert its position in the export of high-tech goods and services, a new niche market with great potential.

In addition, Deputy Prime Minister Novak affirmed that gas exports via pipeline will increase to 197 billion cubic meters by 2036, contributing to maintaining output and budget revenues.

Mr. Novak added that Russia aims to become the leading gas supplier to the Asian market by 2050. By that time, Russia will also localize the production of large-capacity gas turbines, solar and wind generators and energy storage equipment.

Regarding market trends, the Russian Deputy Prime Minister commented that global oil and gas demand has not yet peaked and may only peak after 2050.

According to Deputy Prime Minister Novak, India will be the main driver of oil consumption growth.

Citing the Organization of the Petroleum Exporting Countries (OPEC), he said the country's demand will increase from 5.3 million barrels per day in 2023 to 13.3 million barrels per day in 2050.

Meanwhile, China, other Asian countries, the Middle East and Africa are expected to become major oil consuming markets.

In contrast, the European region is expected to record the biggest decline, with oil demand falling from 13.4 million barrels per day to 9.2 million barrels per day.

Regarding coal, the Russian Deputy Prime Minister said that global coal demand will gradually decrease and the peak of global consumption may be delayed until the 2030s or later, in which metallurgical coal will continue to be preferred over thermal coal./.

According to VNA

Source: https://baothanhhoa.vn/nga-huong-toi-tu-chu-gan-nhu-hoan-toan-trong-nganh-dau-mo-248545.htm