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Foreign news agency news on June 5th, Rosneft CEO Igor Sechin said on Saturday that the world has been facing severe oil shortages for a long time due to insufficient investment in the promotion of alternative energy sources, while the demand for oil continues to rise
.
Russia, which relies heavily on oil and gas sales revenue, has pledged to reduce greenhouse gas emissions, but lags behind many countries in the development of renewable energy such as solar, wind power and hydrogen
.
In terms of output, Rosneft is the world's second largest oil production company, second only to Saudi Aramco, and produces more than 4 million barrels of oil per day
.
Xie Qin said at an online meeting of the St.
Petersburg Economic Forum that due to "there are many uncertainties" and the slow vaccination in some regions, it is difficult to predict when the global economy will recover from the epidemic
.
He said: “Due to insufficient investment, the long-term stability of the oil supply is at risk
.
”
He added that one of the reasons for the insufficient investment is that large energy companies try to increase shareholder income through stock buybacks and increased dividends
.
He expects that some shortages will begin to appear in the second half of 2021
.
Xie Qin also warned that the government's new subsidies and tax cuts to companies to accelerate the economy's carbon reduction will put a greater burden on the national budget and make alternative energy sources expensive
.
He also pointed out that the court ordering Shell to step up carbon reduction is a new risk facing the oil giants
.
The Dutch court last month ordered Shell Oil to cut its global greenhouse gas emissions by 45% by 2030.
The company's carbon dioxide equivalent in 2019 was about 1.
6 billion tons
.
Xie Qin also mentioned the energy crisis in Texas in February as a case of over-reliance on alternative energy sources
.
.
Russia, which relies heavily on oil and gas sales revenue, has pledged to reduce greenhouse gas emissions, but lags behind many countries in the development of renewable energy such as solar, wind power and hydrogen
.
In terms of output, Rosneft is the world's second largest oil production company, second only to Saudi Aramco, and produces more than 4 million barrels of oil per day
.
Xie Qin said at an online meeting of the St.
Petersburg Economic Forum that due to "there are many uncertainties" and the slow vaccination in some regions, it is difficult to predict when the global economy will recover from the epidemic
.
He said: “Due to insufficient investment, the long-term stability of the oil supply is at risk
.
”
He added that one of the reasons for the insufficient investment is that large energy companies try to increase shareholder income through stock buybacks and increased dividends
.
He expects that some shortages will begin to appear in the second half of 2021
.
Xie Qin also warned that the government's new subsidies and tax cuts to companies to accelerate the economy's carbon reduction will put a greater burden on the national budget and make alternative energy sources expensive
.
He also pointed out that the court ordering Shell to step up carbon reduction is a new risk facing the oil giants
.
The Dutch court last month ordered Shell Oil to cut its global greenhouse gas emissions by 45% by 2030.
The company's carbon dioxide equivalent in 2019 was about 1.
6 billion tons
.
Xie Qin also mentioned the energy crisis in Texas in February as a case of over-reliance on alternative energy sources
.
