Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People's Republic of China – State Council News
Moscow, October 16 /Xinhua/ — Russia will produce 510 million tons of oil by the end of 2025, a 1 percent decrease from last year's figures, but this is a voluntary reduction. Russian President Vladimir Putin announced this Thursday, speaking at the plenary session of Russian Energy Week.
"Russia maintains its position as a leading oil producer, despite unfair competition being used against us. We account for approximately 10% of global production and expect to produce 510 million tons of oil by the end of the year. This is approximately one percent lower than last year, but I would like to point out, dear colleagues, that this is happening in accordance with the OPEC agreement—that is, it is a voluntary reduction," Vladimir Putin stated.
According to him, Russia, together with its partners in the expanded format of the Organization of the Petroleum Exporting Countries (OPEC), is fulfilling its obligations to balance the global oil market.
"Russia continues to cooperate within OPEC. Based on mutual interests, we and our partners are fulfilling our obligations to balance the global oil market," the Russian president noted. He emphasized that this is being done not only for producers but also for consumers. "Our joint efforts are yielding results. I'm primarily referring to market supply volumes and pricing conditions," the Russian leader added.
Vladimir Putin emphasized that these parameters satisfy both oil producers and consumers, allow the industry to launch investment projects, and, most importantly, provide conditions for more predictable development of the entire global economy.
“Predictability in the oil market is probably the most important thing in this sector of the global economy,” the Russian president concluded.
Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.