Russian President Vladimir Putin announced that his country will produce 510 million tons of oil in 2025, a 1% decrease from 2024.
During his speech at the plenary session of the Russian Energy Week international forum held in Moscow, he explained that these quantities are in line with the production levels in the OPEC+ agreements, which Russia continues to adhere to as part of its efforts to achieve balance in the global oil market.
The Russian president said in a statement that Russia is the only country capable of managing the entire nuclear energy chain, adding that the European Union's refusal to import energy from Russia has led to a decline in European industry and higher prices, according to the Oman News Agency.
He explained: "Many European countries, under political pressure, refused to purchase Russian energy resources, and I have already observed the consequences of this refusal on Western countries themselves and their economic production potential. We are now witnessing the consequences of these measures in the European Union, including a decline in industrial activity, higher prices resulting from the rise in oil and gas prices from abroad, and a decline in the competitiveness of European goods and the economy as a whole."
Russia announces a 1% oil production cut in 2025 in line with OPEC+ agreements.
