Iranian expert: Oil hegemony to end

Oil&Gas Materials 17 February 2020 10:19 (UTC +04:00)
Iranian expert: Oil hegemony to end

BAKU, Azerbaijan, Feb. 17

By Elnur Baghishov - Trend:

The oil hegemony will end in 30 years, Iranian Oil Ministry’s former director for OPEC affairs and international energy issues Reza Modir said, Trend reports citing ILNA.

Modir noted that oil demand will remain high within 10 years.

The former director added that, for example, it was once said that the coal era was coming to an end, but now it ensures about 30-40 percent of the world’s energy.

Modir said that despite the end of the coal hegemony, its consumption hasn’t ended.

“Some believe that the transition period from fossil fuels to alternative renewable energy will continue until 2050,” the former director noted. “At present, this transition is underway and gas is considered as a bridge in this process.”

Modir added that the demand for oil and gas is mostly observed in China, India, as well as developing countries such as Argentina and Brazil.