IEA: Russia has forever lost its status as the leading energy power


According to IEA forecasts, by 2030 Russia will lose about $1 trillion in revenue generated from the export of natural resources.


The war against Ukraine forever deprived the Russian Federation of the status of a leading energy power, hastened the end of the “golden age of gas” and accelerated the global transition to renewable energy sources .

This is indicated in the annual forecasts of the International Energy Agency (OUCH).

“Until February 24, Russia was the world’s largest exporter of fossil energy resources. But Russia has lost its most important customer and market: Europe. It will be very difficult for Russia to compensate for the loss of the European market. It is difficult both economically, technologically and politically. Therefore, Russia’s oil and gas production and export will decrease in the coming years. Russia will play a much smaller role in global energy,” Fatih Birol, head of the IEA, said during a briefing.

According to IEA forecasts, by 2030 Russia will lose about $1 trillion in revenue generated from the export of natural resources.

Moreover, Russian fossil fuel exports will still return to 2021 levels. At the same time, it will be difficult for Russia to redirect the market to Asia. This is especially true for natural gas.

“Some think that where Europe loses, China wins. It’s not that simple. Apart from infrastructure restrictions, China is also changing, and China’s gas demand growth will be much more modest than it was not before. Therefore, we do not see China’s demand for another major gas pipeline from Russia besides the Power of Siberia,” Birol noted.