Page 136 - RusRPTJul23

Furthermore, Russia produced about 16.5mn metric tonnes of liquefied petroleum gas (LPG), with 13.7mn metric tonnes delivered to customers in the domestic market.
Japan’s liquefied natural gas imports last month fell to the lowest in more than 20 years as efforts to save energy and boost nuclear power reduced the need for the fossil fuel. Deliveries declined to around 4mn tonnes in May, about a 30% drop on the same month a year ago and the least since 2002, according to ship-tracking and government data. Japan’s gas storage is so well stocked that importers were offering to sell shipments last month.
Novatek does not expect a fundamental demand growth for liquefied natural gas (LNG) in Europe, CEO of the Russian gas producer Leonid Mikhelson said at the St. Petersburg International Economic Forum (SPIEF).
"The [LNG] demand in Europe surged dramatically last year - by 60 bln cubic metres; by 68% against the prior year. However, we do not see the fundamental demand in this region further on. I believe the needs there will be covered on account of renewable sources," Mikhelson said.
The global oil demand is set to experience growth this year, with the Asia-Pacific Region playing a crucial role as the key driver of this expansion, according to Deputy Prime Minister Alexander Novak. In an article published in the Energy Policy magazine, Novak highlighted the anticipated increase in global oil demand and its regional distribution.
In 2022, global oil demand reached 99.6 million barrels per day (bpd). It is expected to rise to 101.9 million bpd in 2023, representing an increase of 2.3 million bpd. The Asia-Pacific Region is projected to account for the majority of this oil demand growth, with an estimated increase of up to 1.6 million barrels per day. Looking ahead, the demand for oil is expected to continue growing until 2030, with the Asia-Pacific Region contributing approximately 60% to the overall growth.
In addition to oil, Novak also discussed the global liquefied natural gas (LNG) market. According to his forecast, the LNG market could expand by 54% to reach 800 billion cubic metres by 2030. Furthermore, the share of LNG in the overall growth of gas demand by 2030 is estimated to be between 70% and 80%.
These projections indicate the significant role that both oil and LNG will continue to play in meeting global energy needs. The Asia-Pacific Region's increasing demand for oil and the growing popularity of LNG as a cleaner energy source are expected to drive the overall market growth in the coming years.
Novak's observations highlight the importance of anticipating and adapting to
136 RUSSIA Country Report July 2023 www.intellinews.com