Global Energy Balance: Industry Experts Discuss Future of Energy Sector

Industry experts, politicians, scientists, government officials, and heads of major international energy companies gathered at the XXVIII St. Petersburg International Economic Forum to discuss current trends in the global energy market. The event, organized with the support of Rosneft, was led by Igor Sechin, Head of Rosneft, who presented a report titled "Odyssey of the Global Economy in Search of the Golden Fleece. The New Landscape a of the Global Energy Industry". According to Sechin, the global energy industry is at the stage of formation of a new image due to the multiple growth of electricity consumption, which will be provided by both fossil fuels and renewable energy sources.

Key Takeaways:

• The current state of the global energy industry is at the stage of formation of a new image due to the multiple growth of electricity consumption.
• The optimal solution today is "synthesis of conventional and alternative energy sources".
• Energy demand does not always coincide with production growth for various reasons.
• Lack of investment is already a reality in the hydrocarbon and energy sectors, which could bring us to a serious energy shortage.
• Fossil fuels account for 80% of the global energy mix, which has not changed over the past 20 years.
• International partnerships play a vital role in energy development, particularly between India and Russia.
• Nuclear power generation will be in demand in the future, along with fossil sources and renewable energy sources.
• Energy security issues should come first in the energy transition process.
• Geopolitics is now shaping the direction of economic cooperation and often against the logic of market expediency and economic efficiency.
• The digital revolution opens a new era in the development of the oil and gas industry, providing new technologies to reduce costs and increase production.

Statistics:

• 80% of the global energy mix is still accounted for by fossil fuels today.
• Energy demand has grown multiple times, creating a new image of the global energy industry.
• 70% of Russia's production will be from hard-to-recover reserves by 2050.
• International Energy Agency and other experts emphasize the importance of sufficient investment in the hydrocarbon sector.
• US GDP was already 50% larger than the European Union's GDP last year.

Sources:

• Igor Sechin, "Odyssey of the Global Economy in Search of the Golden Fleece. The New Landscape a of the Global Energy Industry", Report presented at the XXVIII St. Petersburg International Economic Forum.
• Department of Information and Advertising Rosneft Oil Company.
• MIL OSI Economics, June 21, 2025.