Russia will keep its focus on the stable development of its oil and gas industry without abandoning the country’s climate agenda,participants of a key energy panel at the St. Petersburg International Economic Forum said. Moscow believes that demand for traditional energy sources like oil and gas will remain high beyond 2040, largely due to risingdemand in developing countries. Russian barrels would still be needed as the hype over the energy transition has already resulted inhuge under-investments in traditional hydrocarbons and could lead to energy shortages in the next decades, Russian offi cials say.
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