MOSCOW, December 17. /TASS/. By 2050, the world may witness a huge increase in oil costs as high inflation reduces the availability of energy for the population, Executive Member of Lukoil Board of Directors Leonid Fedun said on Friday.

According to his presentation, oil prices will exceed $100 per barrel by 2050 under all three energy development scenarios. Under the evolutionary scenario, they will reach $128 per barrel after accounting for inflation and producer emission quotas. They will reach $197 per barrel under the equilibrium scenario, and $380 per barrel under the transformation scenario. In all three scenarios, inflation has the greatest influence on price growth.

At the same time, if the problem of underinvestment in reserve development and production persists, the highest figures may come in 2050, according to Fedun. He expects that hydrocarbon consumption would remain steady until 2030, and that use of liquid fuels will begin to fall in large economies such as the United States and China only after 2035.

At the same time, Russia can become the world leader in hydrocarbon exports with a lowered carbon footprint by 2050. However, the price of products in this sector will strongly depend on the costs required to implement climate projects.