Putin: Russia to continue work with OPEC 

Moscow will continue to work with the Organisation of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia and will not give up its leading position in the global energy market despite Western sanctions, Russian President Vladimir Putin said yesterday.

Speaking at the Russia Energy Week, Putin added that Moscow is determined to keep oil production and export rates at their current levels until 2025.

The Russian president praised the recent decision by the OPEC+; the producer group comprising OPEC plus allies including Russia, to reduce production by two million barrels per day, starting in November.

OPEC+‘s decisions do not target any specific party, he explained, rather they aim at controlling the market.

Putin has also called not to politicise the issue of renewable energy and accused the European Union of reducing investment in oil and gas, denying his country’s responsibility for the high energy prices in Europe.

He said the European Union continues to promote clean energy at the expense of developing the oil and gas sectors, noting that Moscow will continue to supply Europe with gas through the Nord stream 2 undersea pipeline.

READ: Russia seen suggesting OPEC+ cuts oil output by 1m bpd