MOSCOW (Sputnik) – Russia will remain the world’s largest exporter of energy resources by 2040, satisfying 5 percent of global demand, and will also retain its position as one of the largest producers of fossil fuels, UK petroleum giant BP said in its annual report out on Thursday.
“Russia remains the world’s largest primary energy exporter and the second-largest combined oil and gas producer, exporting 9 Mb/d of oil and 387 Bcm of gas on a net basis by 2040,” the company said in its Energy Outlook 2019.
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Russia is expected to produce 12.5 million barrels of liquid hydrocarbons daily by 2040, third only to the United States and Saudi Arabia, as well as 851 billion cubic meters of natural gas, second only to the United States, the forecast says.
According to BP, the production of primary energy by Russia in the period between 2017 and 2040 will increase by 21 percent, but the country’s share in its global production will decrease to 9 percent from 10 percent.
Russia’s domestic energy consumption is projected to increase by 7 percent by 2040, the report says. It is the slowest growth rate within BRICS, since India is expected to boost energy consumption by 156 percent, Brazil by 65 percent, and China by 28 percent.