BAKU, Azerbaijan, Dec.17
By Leman Zeynalova – Trend:
The fuel structure of the transport sector will change due to an increase of low-carbon fuels share by 2050, Trend reports with reference to Russian LUKOIL company.
“In the segment of road transport, the most noticeable increase will be in electricity and hydrogen consumption. Aviation is expected to increase the consumption of modern biofuels (SAF). Stricter environmental requirements in international shipping will encourage shipowners to switch to the use of natural gas, hydrogen and its derivatives,” reads the report released by LUKOIL.
The company expects that in the next few years, demand for liquid hydrocarbons is expected to recover after the shock of 2020.
In the Evolution scenario, the growth of liquid hydrocarbons consumption will continue until 2035. Structural changes in the transport sector will begin to affect the demand for liquid hydrocarbons after 2030.
The company notes that transport sector will continue to dominate in the structure of demand for liquid hydrocarbons. In the Evolution scenario, the increase in the consumption of petroleum products by aviation and marine transport will partly compensate the reduction in the consumption of motor fuels in road transport. The growth in the consumption of hydrocarbons in the petrochemical sector will support the demand for oil in the medium term.
“The dynamics of demand for liquid hydrocarbons will vary significantly in different regions. The decline in consumption in Europe and USA will be compensated by growth in other regions. The key growth drivers of oil demand in the long term will be India and the countries of the African continent,” said LUKOIL.
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