Russia Deputy Energy Min.: Everyone Predicting Oil Surplus

Pavel Sorokin, Russia's Deputy Minister of Energy, discusses the global oil market, highlighting a predicted surplus in supply and the absence of a current deficit. He addresses Russia's oil production capacity, potential impacts of US policies, and the country's commitment to net zero by 2061. Sorokin emphasizes the importance of carbon capture, forestry, and hydrogen in Russia's energy transition. He also responds to accusations of Russia creating artificial gas shortages in Europe, attributing the situation to global demand dynamics.

What is the current prediction by international agencies regarding oil supply?

• Unpredictable supply changes

• A deficit in supply

• A surplus of supply

• Stable supply levels

What is Russia's current stance on its oil production capacity?

• It can return to pre-pandemic levels

• It will increase production significantly

• It plans to reduce production

• It is unable to reach pre-pandemic levels

What is one of the major factors affecting commodity markets according to Pavel Sorokin?

• Fed policy and interest rates

• International sanctions

• OPEC decisions

• Seasonal demand changes

By what year does Russia aim to achieve net-zero emissions?

• 2050

• 2061

• 2070

• 2080

Which of the following is NOT a focus area for Russia's energy transition?

• Nuclear energy

• Carbon capture and storage

• Hydrogen

• Forestry

What is Pavel Sorokin's response to the accusation of creating gas shortages?

• Russia is increasing gas prices

• Russia is not supplying any gas to Europe

• Russia is intentionally reducing gas supplies

• Russia is fully complying with contract terms

What global factor does Pavel Sorokin mention as contributing to the current energy situation?

• Increased demand in Asia Pacific

• Decreased demand in Europe

• Overproduction in the US

• Stable hydroelectric generation