Europe Asia News

President Putin spoke at the plenary session of the 8th International “Russian Energy Week” Forum.

Russian Energy Week is being held in Moscow from October 15 to 17, with representatives from 85 countries, government officials, energy company leaders, and members of the scientific and expert community participating. The business program includes more than 60 events.

Putin emphasized that, despite unfair competition against Russia, the country continues to maintain its position as a leading oil producer:

“We account for about 10% of global production and expect to produce 510 million tons of oil by the end of the year. This is about 1% lower than last year, but, dear colleagues, I would like to note that this is in line with the OPEC Plus agreement — a voluntary reduction.”

Putin added that the Russian oil sector operates reliably and plans for the future: “Our companies not only ensure stable supply to the domestic market and develop oil refining, but also demonstrate flexibility under challenging external conditions by creating new supply and payment channels.”