MOSCOW, Oct. 16 (CNS) — Russian President Vladimir Putin delivered a speech at the plenary session of the 8th “Russian Energy Week” International Forum on the 16th, elaborating his views on the development trends and challenges facing the Russian and global energy sectors.
Putin stated that the primary challenge facing the global energy sector is the reshaping of energy relations. On one hand, new economic centers are rising, leading to growing demand; on the other hand, it is the result of artificial destruction by the West. Many European countries, under political pressure, have refused to purchase Russian energy, leading to their industrial decline, rising prices, and weakened commodity and economic competitiveness.
Putin said that despite facing unfair competition, Russia maintains its leading position as an oil producer. Russian oil production accounts for about 10% of global production and is expected to reach 510 million tons by the end of this year, a decrease of about 1% year-on-year. Russia continues to cooperate within the OPEC+ framework and is fulfilling its obligations to balance the global oil market based on common interests. Russian gas supplies are shifting to more promising and responsible buyers while increasing domestic consumption.
Putin stated that the second major challenge for global energy is the increasingly important role of the power industry. He predicted that global electricity generation will double in the next 25 years. Furthermore, about 85% of the new electricity demand will come from Global South countries. Russia has implemented over 400 hydropower projects in 55 countries and regions worldwide and holds nearly 90% of the global nuclear power plant construction market share. Russia plans to deepen cooperation with Global South countries in the nuclear energy field through the BRICS cooperation mechanism.
Putin stated that the third challenge for global energy market participants is technological sovereignty. It is necessary to actively promote energy-producing countries’ transformation from equipment buyers to technology leaders and establish complete autonomy at the national level, from energy extraction and processing to the transportation of finished products. At the same time, Russia is committed to comprehensive technological cooperation with foreign partners.
The “Russian Energy Week” International Forum was established in 2017. This year’s forum is held in Moscow from October 15 to 17, with the theme “Creating the Energy Future Together.” Government officials, energy company leaders, and expert and scholar representatives from 85 countries attended. (End)
