Putin says oil sector is looking at another century of hectic work
Date
3/14/2024 7:55:39 AM
(MENAFN) Russian President Vladimir Putin has asserted that despite the growing emphasis on renewable energy sources, the oil and gas industry will remain essential for many years to come, ensuring job security in the sector.
Speaking during a meeting with recipients of the Leaders of Russia award on Tuesday, Putin emphasized the enduring significance of hydrocarbons production and utilization, stating that humanity will continue grappling with these issues for an extensive period. He expressed confidence that there will be sustained demand and employment opportunities in the oil industry for at least the next century.
Putin's remarks coincide with the release of a report by the Organization of Petroleum Exporting Countries (OPEC), which projects a steady increase in global oil demand. According to the report, oil consumption is expected to rise by 2.25 million barrels per day (bpd) in the current year and by 1.85 million bpd by 2025, with transportation fuels driving much of this growth.
Russia, a significant player in the global energy market, anticipates substantial revenue growth from oil and gas exports in the coming years. The country's Finance Ministry forecasts a surge in energy export revenues, reaching over USD118 billion in 2024 and exceeding USD121 billion in 2025.
Amid geopolitical tensions and sanctions-related disruptions, Russia has strategically diversified its energy exports, particularly towards Asia. Following restrictions imposed by the European Union on Russian oil shipments via sea routes, Russia redirected its exports eastward, significantly increasing its energy trade with countries like China and India.
Putin's remarks underscore the enduring importance of the oil industry in the global energy landscape, highlighting its resilience and continued relevance despite the growing momentum towards renewable energy initiatives.
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