Russia will remain world leader in energy exports in next 20 years

Baku. 24 February. REPORT.AZ/ Russia will continue to be the world's largest energy exporter in the next 20 years. Report informs, it is stated in BP's report on development of the global energy sector.

Report stated that, even if Russia's share of world energy production declines to 9% in 2040 from 10% (2016) it will keep its leadership in energy exports. The reason is the increasing energy consumption in Europe. In particular, Europe's share in consumption of Russian gas will increase from 30% to 50%. It is reported that Russia will produce 14% of world oil and gas by 2040. The specific weight of the gas is predicted to be 50%, oil - 26%, and coal - 8%.

Janna Kulakova, a financial advisor to TeleTrade, said Russia owns 20 to 25 percent of global gas reserves. In oil reserves, Russia is not in the top five. However, demand for natural gas is growing faster than oil. Replacement of world energy with renewable energy sources is not expected in the next 20 years.

According to the Global Energy Association, the share of oil and gas in the global energy sector is expected to decline only in 2070.