All news

World will hardly turn away from using hydrocarbons in coming decades, says Novak

According to Russian Deputy Prime Minister, today the share of hydrocarbons on the market stands at around 85% globally and it will be declining to 65-70%, instead of 20-30% as some experts project

MOSCOW, October 14. /TASS/. The share of hydrocarbons will still dominate in the global energy balance in coming decades, Deputy Prime Minister Alexander Novak said at the Russian Energy Week on Thursday.

"Today the share of hydrocarbons on the market stands at around 85% globally. Oil’s share is around 31% in the energy balance. Obviously, we will not turn away from hydrocarbons in coming decades, despite projections, which are very different, on the future of hydrocarbons," he said.

The share of hydrocarbons will be declining to 65-70%, instead of 20-30% as some experts project, Novak added.

Russian Energy Week International Forum, which takes place in Moscow on October 13-15, serves as a platform for discussing the main challenges faced by the energy sector. The forum is being held to demonstrate the prospects of the Russian fuel and energy industry and unlock the potential of international cooperation in energy. This year's program of the forum contains more than 30 business events, with heads of more than 200 companies from various sectors of the fuel and energy complex, from oil and gas, coal and electric power complexes, participating.