Putin: European industry has declined due to the refusal to import Russian energy economy

Russian President Vladimir Putin said on Thursday that his country still secures 10% of global oil production despite Western sanctions and pressure from US President Donald Trump.

Putin explained during the Energy Week Forum in Moscow that Russia maintains its position among the main oil producers despite the “unfair” competition mechanisms used against his country, according to him.

Regarding the decrease in oil production in Russia by 1% compared to last year, Putin said, “This is happening in accordance with the OPEC Plus agreement, that is, it is a voluntary reduction,” according to what was reported by the Russian Sputnik agency.

Putin said, “Russia continues its cooperation within the framework of the OPEC Plus (alliance), and based on common interests, we and our partners fulfill our obligations to achieve balance in the global oil market. I would like to emphasize that this is not limited to producers only, but also includes consumers, and the results of our joint efforts are present.”

The United States is pressuring its allies to stop Russian energy imports, including the European Union, India and Japan.

In this regard, Putin said, “The European Union’s refusal to import energy from Russia led to a decline in European industry and an increase in prices.”

He added, “Many European countries have refused, under political pressure, to purchase Russian energy resources. They have already noticed the consequences of this refusal on the Western countries themselves and on their economic production capabilities.”

He continued, “We are now witnessing the consequences of these measures in the European Union, including a decrease in the volume of industrial business, an increase in prices as a result of the rise in oil and gas prices from abroad, and a decline in the competitiveness of European goods and the economy as a whole.”

He explained that Russia rebuilt the supply chain and turned towards the countries of South, East Asia and Latin America through paths that he described as more reliable.

He pointed out that the sanctions caused a contraction in the production of Germany, which is the engine of the European economy.

Natural gas

Regarding gas, Putin said, “The demand for gas in Europe is lower than 2019 levels due to the decline in industrial production.”

According to Putin, “Russia is working to increase the export potential of its gas industry, including liquefied natural gas.”

He continued, “The European Union’s step accelerated the shift in the direction of our supplies to the benefit of more responsible buyers. Countries that realize their interests and act rationally based on these national interests. Our gas companies provide these markets with reliable supplies, as we have always done in all directions.”