Analysts reckon that global demand for oil has finally peaked, while demand for gas is still picking up momentum. Oil is widely expected to be in demand for several more decades. After that, it will start gradually declining.
The Golden Age of oil will be followed by buoyant demand for gas. As demand for oil has peaked, the countdown has begun. With every decade, oil is going to face more headwinds before sinking to lows. Under the most optimistic forecasts, oil share in the global energy market could be below 50%. Therefore, traders should be bracing for the Golden Age of gas.
Many experts consider gas to be the best commodity for the transition to green energy. In the near future, its consumption will increase, delivering a severe blow to oil.
As being one of the biggest gas suppliers, Russia is sure to benefit from it. According to the Russian Federal Agency for Mineral Resources, oil reserves in the country amount to 19 billion tons and gas condensate reserves total 2.2 billion tons. At the same time, recoverable and condensate oil reserves come in at 31 billion tons with the expected oil reserves of 69 billion tons.
States are now carefully monitoring the consumption of commodities, using innovative technologies for their processing. It enables producers to get more products and reduce fuel consumption in internal combustion engines. Hence, many producers are focused on the rational use of oil to receive refined products.
