Wedoany.com Report-Dec 09, Global oil consumption may grow to 20 million barrels per day by 2050, Rosneft Chief Executive Officer Igor Sechin said during his report at the XVII Verona Eurasian Economic Forum, the company said in a statement.

According to him, long-term forecasts of global oil consumption vary depending on the degree of engagement of the one who makes them.

In his opinion, the expected growth in oil demand attaches particular importance to investments in oil production. According to OPEC estimates, meeting the needs of the market will require an increase in investments in oil production by almost 50% to $550 billion per year by 2050.

According to the head of Rosneft, in order to maintain oil production at the current level, it is necessary to replace about 11% of global production annually.

PJSC NK Rosneft is a vertically integrated company, a leader in the global energy industry and one of the largest publicly traded oil and gas companies in the world.

According to IFRS, net profit attributable to shareholders of PJSC NK Rosneft fell by 13.9% to RUB 926 billion in the first 9 months of 2024 from RUB 1.076 trillion a year earlier. Sales revenue and income from associated organizations and joint ventures increased by 15.6% to RUB 7.645 trillion from RUB 6.612 trillion. EBITDA decreased by 3.4% to RUB 2.321 trillion from RUB 2.403 trillion.