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Hydrocarbons to ensure world energy consumption growth for at least 20 years — Novak

At the same time, the volume of investments in the global oil industry has returned to the level of 2019, Russia’s deputy prime minister said

MOSCOW, December 25. /TASS/. Hydrocarbons will ensure the growth of energy consumption in the world for at least 20 years, so it is too early to talk about the end of their era, Russia’s Deputy Prime Minister Alexander Novak said in an interview with Rossiya-24 TV channel.

"Hydrocarbons will ensure the overall growth of energy consumption in the world for at least the next 20 years," he said.

At the same time, the volume of investments in the global oil industry has returned to the level of 2019, which show stable market situation and the return of investors to the oil industry, the Deputy Prime Minister noted.

Earlier, Novak said that hydrocarbons will remain the dominant source of energy in the world for at least the next few decades. Their share in the global energy balance now reaches 85%, and according to various estimates it could fall to 70% or 50%, which is still a lot, he noted.

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