MOSCOW, March 1. /TASS/. OPEC+ countries should provide the world market with energy resources for the next 15-20 years in the context of rising demand and declining investment, Pavel Sorokin, First Deputy Energy Minister of Russia said at a conference of the Valdai Club.
"We see that if the world economy continues to grow, the overall energy consumption will grow. Therefore, the need for traditional energy resources is not only remaining at pre-covid levels, this need is growing. Therefore, a very important mission of ensuring an adequate supply of energy rests on the shoulders of OPEC +. I'm not talking about now, but about 15-20 years ahead. Because all projects have a long investment cycle, and a drawdown in investments now gives a result in 3-7 years," he said.
Sorokin noted that companies around the world continue to reduce investments in hydrocarbon energy.
"In gas - to a lesser extent, but we see a significant reduction [of investments] in oil and coal around the world. This is absolutely insufficient to ensure the restoration of depleted reserves," he said.
The First Deputy Minister added that while most countries are reducing production growth rates, a number of countries, including OPEC+ members, such as Russia, as well as Norway, Canada and the United States, can potentially increase production. But in the context of a downward trend in investment, the long-term potential for production growth is also limited, while oil demand is growing, he stressed.