Sechin assessed the global outlook for world energy

Igor Sechin, Chief Executive Officer of Rosneft, presented at a special session of the XVII Verona Eurasian Economic Forum a keynote speech entitled "Farewell to Illusions. The World Energy Industry in Thucydides' Trap", in which he briefly assessed global trends in the development of the energy industry in the short and long term.

The modern energy system is based on fossil fuels, which account for more than 80% of all primary energy consumed, Igor Sechin noted. "Thanks to fossil fuels, the global energy system has become the basis of modern life. Over the past 200 years, the use of hydrocarbons has made energy more accessible, which in turn, along with improvements in health care and human nutrition, has led to an increase in life expectancy from 30 to 70 years, and the proportion of the world's population living in extreme poverty has fallen from 90% to 10%," the Rosneft head said.

At the same time, according to Igor Sechin, oil production will continue to grow in the future, as only it can ensure the production of sufficient energy, which is directly related to the task of improving living standards in developing countries, which form the basis of the world's population, requires the activation of oil production. According to Rosneft's Chief Executive Officer, the high efficiency of the modern energy system has led to a 1.5-fold increase in global energy consumption in the last 20 years alone, and the interests of the global majority will continue to drive its growth. "Today, energy demand is growing in developing countries, where 750 million people still have no access to electricity at all. At the same time, per capita energy consumption in the US is three and a half times higher than the average consumption on the planet and 10 times higher than in India," Sechin emphasized.

These plans, however, are opposed by the US, which fears losing its global dominance. Taking advantage of its status as a global hegemon, the US is betting on creating special conditions for its economy at the expense of other market players, including allies, Sechin said. The head of Rosneft noted an obvious fact: the US has failed to realize its assumed powers of leadership and has not provided the necessary conditions for maintaining a just world order. "America has allowed the loss of leadership in scientific, technological, industrial and financial spheres, which would have been hard to imagine 20-30 years ago," Igor Sechin emphasized.