Oil production must be increased to raise living standards in developing countries – Business & Economy

RAS AL-KHAIMAH, December 5. /TASS/. Oil production in the world needs to be almost doubled in order to raise living standards in developing countries, Rosneft CEO Igor Sechin said at the Verona Eurasian Economic Forum.

“In order to raise the standard of living in developing countries to at least half the level of the ‘golden billion’, it is necessary to increase oil production almost twofold,” he said.

Sechin noted that energy demand is growing today in developing countries, where 750 mln people still have no access to electricity. “At the same time, per capita energy consumption in the United States is three and a half times higher than the average consumption on the planet and 10 times higher than India’s consumption. Meanwhile, per capita demand in Europe exceeds the same indicator in Africa almost 10 times,” he added.

According to him, the high efficiency of the modern energy system has led to the fact that global energy consumption has increased 1.5 times in the last 20 years alone.

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