Page 94 - Russia OUTLOOK 2024

7.0 Energy & Power
The current version of Russia’s energy strategy until 2050 assumes that the growth in energy consumption in the world will be about 28%, mainly in countries friendly to Russia, according to the presentation made by First Deputy Energy Minister Pavel Sorokin on November 22.
"If current trends continue (under the business-as-usual scenario), global energy consumption will grow by 28% by 2050, in line with economic growth and meeting the energy needs of a growing population," the document says.
According to the presentation, key growth regions will be South America, Africa and developing Asia-Pacific countries. By 2050, energy consumption in these regions will increase by 70.2%, 112.7% and 28.7% respectively.
Russia will produce 527mn tonnes of oil and 440mn tonnes of coal in 2023, its LNG production will reach 33mn tonnes, while gas output will fall by 30 bcm due to falling supplies to Europe, Deputy Prime Minister Alexander Novak said, adding that electricity production will add 0.8% this year.
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