Russia’s coal reserves can last for another 350 years if the current pace of production is maintained, Sergey Mochalnikov, the head of the Russian energy ministry’s department of foreign economic cooperation and fuel markets development, told Sputnik on Friday
Russia’s coal reserves can last for another 350 years if the current pace of production is maintained, Sergey Mochalnikov, the head of the Russian energy ministry’s department of foreign economic cooperation and fuel markets development, told Sputnik on Friday.
“Our coal production is increasing after the COVID-19 2020 year, the increase is now about 9%. If the current trends continue, production growth is expected to be about 6% in 2021 compared to 2020, and over 1.5% in 2022 compared to 2021. Russian coal reserves exceed 400 billion tonnes. This will last us for a very long period � 350 years given the current level of output,” Mochalnikov said.
Coal demand is on the rise because of the surging gas prices around the world, leading to an increase in coal export prices, the Russian official said.
Gas prices have been surging across the world as demand outpaces supply during the months of economic recovery from COVID-19 restrictions, peaking in September. Asia increased coal consumption because of high gas prices, shifting market away from Europe. As a result, US gas prices rose to the 10-year record, albeit remaining lower than in other regions since the country mainly produces and exports its own fuel, while Europe and Asia heavily import.
