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Oil industry will be swamped with work ‘for another 100 years’ – Putin

Hydrocarbons production will remain relevant for a “very long time,” the Russian president has said

The world will continue using oil and gas for a long time despite the focus on renewable energy, Russian President Vladimir Putin has said, adding that jobs in this sector have a secure future.

He was speaking at a meeting with the winners of the Leaders of Russia award on Tuesday, when he insisted that hydrocarbons production would remain relevant for years to come, even with increased talk about transitioning to renewable energy.

“No matter how they talk about renewable energy sources, for a very, very long time humanity will be dealing with the issues of hydrocarbons, their production and use,” Putin said. “There will be enough work for 100 years,” he added.

In its latest report published on Tuesday, the Organization of Petroleum Exporting Countries (OPEC) said global oil demand is expected to grow by 2.25 million barrels per day (bpd) this year and by 1.85 million bpd in 2025. According to the report, robust growth in global oil consumption will be largely driven by transportation fuels.


READ MORE: China snapping up stranded Russian crude – Bloomberg

The Russian Finance Ministry forecast last year that the country’s revenues from oil and gas exports would surge by almost a third in 2024, reaching more than $118 billion. A further increase in energy revenues to over $121 billion is expected for 2025.

Russia sharply increased its energy exports to Asia last year after the EU stopped accepting the country’s oil transported by sea. China and India have emerged as major buyers of Russian crude since Moscow redirected its cargoes from Europe eastwards in response to Ukraine-related sanctions imposed by the West.

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