Global Energy Sector Faces Urgent Transformation

At SPIEF 2025, Igor Sechin outlines mounting pressures on energy systems and calls for a balanced approach to renewables and energy security

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The global energy sector is at a pivotal juncture, as countries grapple with the urgent need to overhaul consumption models amid rising technological demand. Igor Sechin, Chief Executive Officer of Rosneft, delivered one of the forum's most important speeches during his keynote at the XXVIII St. Petersburg International Economic Forum (SPIEF).

Sechin's address, titled “Odyssey of the Global Economy in Search of the Golden Fleece: The New Landscape of Global Energy,” formed the centerpiece of the high-profile Energy Panel at SPIEF. Organized with Rosneft's support, the session brought together leading voices in energy to assess the sector's rapidly evolving landscape.

Sechin emphasised that the digital revolution spearheaded by artificial intelligence and big data - is dramatically increasing the global appetite for energy. These high-tech industries are especially electricity-intensive, with data centers becoming major consumers.

"The transformation of the global energy industry is not a future prospect - it is happening now," Sechin said. “Countries face the dual challenge of ensuring energy security while transitioning to new models of consumption.”

Sechin invoked a line from Ecclesiastes - “That which is crooked cannot be made straight, and that which is wanting cannot be numbered” - to underscore the systemic imbalances in current energy policy. He warned that rushing into green transitions without addressing fundamental structural gaps could exacerbate existing weaknesses.

He also criticized the overreliance on renewables, noting that massive investments have not yet delivered expected stability.