Issues of Sufficiency of Potential Oil Resources to Maintain Current Oil Production

  •  Shamil Valitov    
  •  Aydar Tufetulov    
  •  Amur Yartiev    


The authors discuss the problem of sufficiency of potential oil resources to meet the energy demands of globaleconomomy, as well as medium-term oil production trends in Russia. According to available estimates andforecasts, oil will dominate global energy needs to 2025. In the coming decades global oil demand will continueto grow to reach 5.96 billion tonnes in 2020, according to analysts’ forecasts. Plans for economic development ofRussia include further development of production and export capabilities and enhancing Russia’s status as animportant world energy power. This ambitious goal is underpinned by a strong raw materials base and adeveloped industrial potential. As projected by “2030 Development Strategy”, by the end of the current decade,annual oil production will be raised to 520 million tonnes. Actually, the “2030 Development Strategy” objectiveswill be achieved at the expense of traditional oil producing regions with the yet high hydrocarbon potential. Intoday’s globalizing world, the advanced countries aim their efforts at building energy-efficient societies, whichcannot be done without changing mindsets, development of game-changing technologies, and creating newsocial institutions. Resource efficiency is seen as an integral part of Russia’s sustainable development.

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