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The world is prepared to change the structure of energy after the pandemic

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The world is prepared to change the structure of energy after the pandemic

Minister of energy of Russia Alexander Novak said that after the pandemic coronavirus infection COVID-19 out of consumption of oil and gas in the world will accelerate and the share of consumption of alternative energy, however, increase more than expected earlier. He stated that in the framework of the international discussion club “Valdai”.

“All agree in this. And we agree that the structure of power in the world will change. The reduction of the share of hydrocarbons and so it was expected from 85% to 75% by 2040, respectively, with the increase in the share of renewable energy sources. Now, given what is happening, given the fight against the epidemic, this trend, in my opinion, is enhanced. In my opinion, the share of alternative energy sources by 2040 will be much higher than expected”, — quotes TASS of the Minister.

He also predicts that global investment in the oil industry in the current year against the background of a strong fall demand for oil will decrease by a third.

we also Recall that since the beginning of this year on the global oil market rode several waves of falling prices for “black gold”. A negative situation was caused by a whole complex of factors: a General overproduction of raw materials, a sharp drop in demand due to the rapid spread of coronavirus infection COVID-19 (March 11, was declared a pandemic) and concerns about its impact on the global economy and the collapse of the deal, OPEC+ (officially from April 1, but in fact, after fruitless negotiations of the countries-oil producers at a meeting on March 6 in Vienna).

However, on April 12 OPEC+ agreed on a new deal, joined by 23 States. The agreement will be valid for two years, from may 1, 2020 to may 1, 2022-th. In may—June this year, the production cuts will amount to 9.7 million barrels per day (from October 2018), then — until the end of 2020 — 8 million barrels, and 6 million to tontsa APR 2022. New business OPEC+ was a forced reaction of oil producing countries on the situation in the market and pressure from the United States. Overall, however, it is not blocked volumes decline in global demand, besides on the market have accumulated huge reserves of raw materials.

At the meeting on June 6, the member countries of OPEC+ extended on a month — until the end of July — the period of validity of the agreement to reduce oil production to 9.7 million barrels per day.

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