Moscow: Russian President Vladimir Putin declared that Russia's energy system remains one of the largest globally, emphasizing that the nation continues to be a leading producer of oil, gas, and nuclear energy despite facing various challenges and Western sanctions.
According to Kuwait News Agency, Putin made these remarks during a speech at the plenary session of the Russian Energy Week International Forum in Moscow. He highlighted that the global economy is witnessing steady growth, which has increased the demand for energy from multiple sources. In response to shifting global dynamics, Russia is restructuring its supply chain and pivoting towards countries in the South, East Asia, and Latin America, utilizing more reliable routes.
Putin pointed out that the European Union's decision to cease purchasing Russian energy resources has led to a decline in industrial production across the continent and an increase in prices. He specifically noted the impact on Germany's industrial output as a significant consequence of this policy shift. Additionally, he mentioned that the digital economy is generating a rising demand for nuclear energy, with Russia actively developing this sector. The Russian company Rosatom plays a pivotal role, controlling approximately 90 percent of the global nuclear power plant construction market and being the only company capable of building small-scale nuclear plants.
Russia is currently engaged in 400 electricity generation projects across 55 countries, with plans to operate more than 29 gigawatts of nuclear energy capacity within the next fifteen years. Putin stated that Russia enjoys complete independence in the nuclear field and extends cooperation to countries not bound by political pressures.
In terms of fossil fuels, Russia contributes around 10 percent of the world's oil production and sustains high levels of gas output. Putin linked the country's 2025 oil production cuts to OPEC+ agreements, which he believes are positively stabilizing the oil market. He noted that coal continues to hold a significant position in the global energy balance, expecting this trend to persist for decades. Moreover, he stressed that Russia's energy balance is among the most balanced and sustainable worldwide. The country has expanded its domestic gas consumption by extending over 100,000 kilometers of supply lines in Siberia and the Far East, elevating Russia's gas conversion rate to about 75 percent. This development aligns with the growing trend of bolstering electricity's role, anticipated to reach 85 percent of total energy consumption in developing countries within 25 years.
Putin concluded his address by affirming Russia's commitment to advancing its fuel and energy sectors to bolster economic security and ensure stability in global markets. He reiterated that Russia will remain a "key pillar" in the international energy landscape.
The Russian Energy Week International Forum serves as a premier global platform for discussing current trends in the fuel and energy sectors. Held annually at the highest levels, it features participation from senior executives of major energy companies, representatives of Russia's legislative and executive authorities, global business leaders, government officials, energy experts and scientists, and media professionals from over 80 countries.