The development of the global gas market largely depends on the Brics countries, whose energy balance will witness natural gas’ growth by almost 50% by 2040, says Alexander Novak, deputy prime minister of the Russian Federation.
BRICS is the acronym coined to associate five major emerging economies: Brazil, Russia, India, China, and South Africa.
Addressing an online gathering during the GECF Global Gas Outlook 2050’s fifth edition Wednesday, Novak said, “In addition, the potential for the LNG market is growing. Already, Russia is fourth among the world's largest producers. We intend to increase production from the current 29mn tonnes to 120-140mn tons of LNG a year and take up to 15-20% of the market by 2035.”
Commending the GECF for developing a rigorous forecasting and analytical potential in-house, Novak said, “The weight and reputation of the GECF in the gas industry is steadily growing and we expect that it will continue to play a key role in shaping further vectors for the development of the gas industry, establishing mechanisms to ensure the stable and safe functioning of the gas market.”
Addressing the gathering via a statement, Viktor Zubkov, special representative of the Russian President for Cooperation with the GECF and chairman of the Board of Directors of Gazprom, said, “The Global Gas Outlook, being launched today, presents a quality assessment of how macroeconomic conditions, energy policies, prices and investment decision have their influence on the development of natural gas markets (worldwide).”
“At the same time, this new edition closely examines the effect of the Covid-19 pandemic on global energy markets and focus on the strengthening role of natural gas in the energy transition.”