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Three Bearish Factors Facing Oil Markets In 2022

Three Bearish Factors Facing Oil Markets In 2022

While the global oil market…

Russia Is Ready To Return To Pre-Pandemic Oil Production

Russia Is Ready To Return To Pre-Pandemic Oil Production

According to Russia’s Deputy Prime…

Russia’s Gazprom Sees Global Gas Demand Growing Despite Green Push

Russia’s gas giant Gazprom believes that natural gas has a bright future with demand growing and gas having a larger share of energy consumption than renewables and other low-carbon sources.  

Gas demand will continue to grow in a stable manner in the long term, Gazprom’s deputy chief executive Oleg Aksyutin said at an online press conference on Tuesday.

Natural gas will meet 39 percent of additional global energy demand between 2020 and 2040, compared to 34 percent of new demand met by renewables, Gazprom said in the presentation accompanying the briefing today.  

The share of natural gas in the global energy consumption is set to increase from 24 percent now to around 27 percent by 2040, according to Gazprom.

“Our strategy is boosting gas supplies,” Aksyutin said at the briefing, as carried by Reuters.

Gazprom’s presentation also showed that the company sees its pipeline gas deliveries to Europe via Nord Stream and Turkish Stream as having a lower carbon footprint than liquefied natural gas (LNG) supplies to Europe from Qatar, Algeria, and the United States. According to Gazprom, the liquefaction, shipping, and regasification of the LNG adds more carbon footprint to the gas deliveries than pipeline transportation.

Earlier this year, Elena Burmistrova, Deputy Chairman of Gazprom’s Management Committee and Director General of Gazprom Export, said that Gazprom believes that pipeline natural gas could be compatible with the global climate goals of greenhouse gas reduction and Europe’s commitment to net-zero emissions by 2050.

But Europe, the key market for Gazprom’s pipeline natural gas, has recently started to see natural gas not as a solution but as a problem in the EU climate goals to become a net-zero emissions bloc by 2050.

Gazprom is currently developing strategic scenarios for the long term through 2050, Aksyutin said at the briefing on Tuesday, noting that a low-carbon development scenario will also be considered. The development strategy is expected to be completed by May 2022.

By Tsvetana Paraskova for Oilprice.com

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