Head of ONGC Videsh Gupta called gas and oil the key energy carriers of the future
Within the framework of the 25th St. Petersburg International Economic Forum, the heads of world oil and gas companies took part in the Energy Panel. The session was moderated by Academician of the Russian Academy of Sciences and President of the Institute of World Economy and International Relations of the Russian Academy of Sciences Alexander Dynkin. According to Alok Kumar Gupta, Chief Executive Officer of the Indian oil company ONGC Videsh, oil and gas will remain key energy carriers in the future.
“However, after the downturn in prices that occurred in the hydrocarbon industry in 2014, the sector has seen a steady decline in investment in exploration, development and production. “And the result is that the global supply potential in the hydrocarbon industry is constantly depleted compared to what it was in 2014. In this scenario, we are now seeing a very fragile balance of supply and demand for hydrocarbons, oil and gas in the global economy,” Gupta said.
The head of ONGC Videsh believes that in the face of such a fragile balance, any interruptions in the supply of hydrocarbons affect the global economy and accelerate inflation. In this regard, it is extremely important to maintain a balance between the demand and supply of energy resources. “And it is in this context that I believe that cooperation between global energy suppliers, even from Latin America, even from the Middle East or Russia, and global energy consumers should be supported in the future in the common interests of the inhabitants of the planet,” said Alok Kumar Gupta .