Global demand for oil and gas — Russia’s key exports and the lynchpin of its foundering economy — is growing, and Russia is well placed to capitalize on it, according to a BP review on world energy unveiled Monday.
Presenting the report at the 21st World Petroleum Congress held in Moscow, Bob Dudley, CEO of British oil company BP, said Russia was at the top of the world energy market.
“In 2013, Russia was the world’s largest producer of oil and gas combined and the largest energy exporter,” Dudley said.
Oil, gas and coal will continue to serve as the three horses driving the global energy cart in at least the next decade, with renewable energy sources catching up slowly, the report said.
The U.S. and China remain the world’s two largest energy consumers, together accounting for 70 percent of all energy consumption growth, but in general, the report revealed that the energy gap between the developed countries of the OECD and countries outside the organization is at its smallest since 2000. The two groups’ aggregate energy consumption was almost equal in 2013, while a decade ago developed countries were the ones consuming the most energy.
“China became a symbol of that ascent. It overtook EU energy consumption in 2007, the U.S. in 2010, and all of North America last year,” BP’s chief economist, Christof Ruhl, told the conference. Many would have found this hard to believe 10 years ago, he added.
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