Translation. Region: Russian Federal
Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
Global energy consumption will grow by a quarter in the next 25 years, and developing countries will be the key driver of demand growth, said Rosneft CEO Igor Sechin at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.
“By 2050, if the energy consumption of the populations of Africa, India and Southeast Asia is at the level of China’s population today, the combined additional consumption will be about 50 million barrels of oil equivalent per day. This is equal to a quarter of the world’s energy demand today,” the head of the Company said during his keynote speech.
He noted that developing countries are becoming one of the key drivers of energy consumption growth. One of the main reasons for this is demography. In the next 25 years, the population of African and Asian-Pacific countries will grow by a total of 1.4 billion people, which will provide almost all of the world’s population growth.
In addition to positive demographic dynamics, the head of Rosneft named urbanization in Asian and African countries as one of the reasons for the growth in demand for energy. According to the IEA, to which the Chief Executive Director of Rosneft referred, in the next 25 years the number of city dwellers in these countries will increase by more than 1.6 billion people.
Igor Sechin named the growth of electricity consumption as the key challenge. Thus, in his opinion, already in 2025, investments in this sector will exceed investments in fossil fuels by 50%. “Indeed, over the past 15 years, electricity consumption has grown at an accelerated rate, and in the next 25 years, according to IEA calculations, electricity generation should double,” he added.
Moreover, the greatest contribution to this growth will also come from the countries of the Asia-Pacific region, which will account for 60% of the increase in consumption.
“This process is especially clearly visible in the example of India, where the peak load on the energy system has grown by almost 70% over the past ten years,” Sechin concluded.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
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