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Hydrocarbons not going anywhere anytime soon — Novak

The Russian fuel and energy segment has successfully coped with all the challenges and demonstrated resilience, the deputy prime minister noted

MOSCOW, March 21. /TASS/. Hydrocarbons will remain the dominant force on the global energy market for at least the next several decades, Deputy Prime Minister of Russia Alexander Novak said in the documentary "Oil" on the Premier online platform.

"The share of hydrocarbons and oil and gas will dominate the [energy] balance for a long time coming. It is 85% now; [then] it will decline, according to different estimates, to 70% or to 50%. To 50% in the most extreme case. This is still a lot. If speaking about total energy consumption worldwide, which is growing at a high rate, we are talking about several decades at least," Novak noted.

The Russian fuel and energy segment has successfully coped with all the challenges and demonstrated resilience, having survived after the embargo on crude oil and petroleum products and several packages of sanctions, including the introduction of the oil price cap, he added.

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Alexander Novak

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