Rosneft, Russia's largest oil producer, Igor Sechin, the Chief Executive Officer, stated that India's end-use energy consumption is poised to increase by 90 per cent by 2050, marking one of the fastest growth rates globally. Sechin addressed prominent global business and political figures at the Energy Panel of the 27th St. Petersburg International Economic Forum (SPIEF). In his keynote speech titled "Energy transition and phantom barrels," he provided a comprehensive analysis of the current state of the energy market and highlighted key challenges facing the industry. He projected that over the next five years, India is expected to sustain its robust economic momentum and emerge as one of the top three largest economies globally, with a GDP of $ 5 trillion. Additionally, he forecasted that by 2050, India would surpass the US in terms of economic size. Sechin also noted that India's end-use energy consumption is forecasted to surge by 90 per cent by 2050, registering one of the fastest growth rates globally.

During discussions on global preparations for energy transition, Sechin criticised the emphasis on the anthropogenic factor in climate change discourse and questioned the effectiveness of energy transition initiatives in addressing environmental concerns. He highlighted the insights of renowned physicist Pyotr Leonidovich Kapitsa, who predicted challenges in energy production due to the inefficiency of alternative energy sources. Although Sechin acknowledged hydrogen as a promising clean fuel, he highlighted current limitations in production technology, logistics, and market readiness. He emphasized that while renewable energy contributes less than 5 per cent to global energy production and electric vehicles represent only about 3 per cent, the consumption of oil, gas, and coal continues to rise. Sechin stressed that a well-balanced energy transition should prioritize the interests of the majority, particularly developing countries, to ensure future energy consumption growth. He also noted that achieving energy security requires ensuring the sufficiency, affordability, and reliability of energy sources.