President Vladimir Putin delivered a lengthy speech at the Russian Energy Week 2025 in Moscow, reports "Reuters".
Here are some of the highlights.
On the future of the oil market:
"According to estimates, global oil demand this year will amount to 104.5 million barrels per day - more than a million more than last year. The main factors driving consumption growth are the active development of the petrochemical industry, which is growing faster than global GDP, as well as the transport sector, where many plans to phase out internal combustion engines are being postponed. People use gasoline-powered cars and will continue to do so".
On the Russian oil sector:
"Russia retains its position as a leading oil producer despite the unfair competition that is used against us".
"We account for approximately 10% of world production and expect to produce 510 million tons of oil by the end of the year. This is approximately 1% less than last year. However, I would like to note that this is in accordance with the OPEC+ agreement, which means that it is a voluntary reduction".
"The Russian oil sector is operating reliably and planning for the future. Our companies are not only reliably supplying the domestic market and developing oil refining, but given the challenging external environment, they have demonstrated flexibility and have been able to establish new supply and payment channels. While previously our exports of oil and oil products were mainly directed to one consumer - the European Union, now the geography is much wider".
Regarding OPEC+:
"Russia continues to cooperate within OPEC+. Based on mutual interests, we and our partners fulfill our obligations to balance the world market. I would like to note that this is done not only for producers, but also for consumers. Our joint efforts are yielding results. I mean primarily the volumes of supplies to the market and the price environment".
"These parameters satisfy both oil producers and consumers, allow the industry to launch investment projects and, most importantly, provide conditions for a more predictable development of the entire world economy".
"The predictability of the oil market is perhaps the most important thing in this sector of the world economy".
Regarding the gas sector:
"It seems that the refusal of some European countries to accept Russian gas and the interruption of the well-known "Nord Stream" gas pipeline cut us off from traditional markets and dealt a blow to a key sector of our fuel and energy complex. And it must be admitted that our gas exports initially decreased, but then began to grow again. It has not yet fully recovered, but the growth is absolutely clear. The EU's move has only accelerated the shift in our supply vector in favor of more promising, responsible buyers - countries that understand their own interests and act rationally, based on these national interests.
"Oversupply today, shortage tomorrow. Is the oil market fighting the wrong battle?"
Regarding the coal sector:
"Despite the negative forecasts of some experts, coal still accounts for a significant share of the global energy balance. However, there are clear regional differences. While Western markets are reducing demand for coal, Asian countries are increasing consumption".
"It is obvious that the question is primarily about the economic efficiency of coal production, but given the shift of global business activity to the Asia-Pacific region, we can expect the coal market to remain significant and large for decades to come".
"Like any market, it is cyclical and coal producers are currently facing falling prices. In these circumstances, we are supporting our companies and workforce, including through loan restructuring".
On nuclear energy:
"Our other high-tech leader - "Rosatom", also has significant experience. It accounts for approximately 90% of the global market for the construction of nuclear power plants. 110 power units of Russian design have been built around the world. Russia is unique in the world in that it has expertise across the entire nuclear energy chain.
"Building on this foundation, we are building nuclear power plants in Egypt, Bangladesh and Turkey and intend to deepen cooperation in the nuclear industry with countries of the Global South through BRICS."