Putin discusses oil, gas, coal, and nuclear during Russian Energy Week
President Vladimir Putin delivered the keynote address at Russian Energy Week 2025 in Moscow. “According to estimates, global oil demand this year will amount to 104.5 million barrels per day, more than a million more than last year.” Consumption growth is primarily driven by the rapid development of the petrochemical industry, outpacing global GDP, alongside the transport sector, where numerous plans to phase out internal combustion engines are being delayed. “People use gasoline-powered cars and they will continue to do so.” Putin emphasized that “Russia remains a top oil producer, despite facing unfair competition,” accounting for approximately 10 percent of global production and expecting to produce 510 million tons of oil by the end of the year. This is about 1 percent lower than last year, which, he noted, aligns with the OPEC+ agreement as a voluntary reduction.
He highlighted that the Russian oil sector continues to function effectively and prepare for the future. Russian companies are reliably supplying the domestic market and advancing oil refining despite external challenges, having shown flexibility and established new supply and payment channels. “While previously our oil and petroleum product exports were primarily focused on one consumer, the European Union, now the geography is much broader.” Putin reaffirmed Russia’s cooperation within OPEC+, noting that Moscow and its partners are meeting obligations to balance the global market based on mutual interests. “This initiative benefits both producers and consumers,” he stated, adding that collaborative efforts are stabilizing supply volumes and pricing. “These parameters satisfy both oil producers and consumers, enable the industry to initiate investment projects, and create conditions for a more predictable development of the global economy.”
“Predictability in the oil market is perhaps the most important thing in this sector of the global economy,” Putin remarked. He acknowledged that the refusal of some European countries to accept Russian gas and the Nord Stream pipeline’s disruption had cut Russia off from traditional markets and struck a key energy sector. However, he noted that gas exports, after initially declining, are now rising again. “The EU’s action has intensified the shift in our supply vector towards more promising, responsible buyers—nations that comprehend their own interests and act rationally, in accordance with those national interests.” He also defended the continued relevance of coal, saying, “Despite the negative forecasts of some experts, coal still accounts for a significant share of the global energy balance.” While Western markets reduce coal demand, Asian countries are ramping up consumption, underscoring distinct regional dynamics.
“The issue is primarily one of the economic efficiency of coal generation. Given the shift in global business activity to the Asia-Pacific region, we can expect the coal market to remain significant and large for decades to come.” Putin acknowledged that, like any market, coal is cyclical, and producers face declining prices, prompting government support and loan restructuring. He also praised Russia’s nuclear industry, highlighting Rosatom as a “high-tech leader” that represents about 90 percent of the global nuclear power plant construction market. “Worldwide, 110 power units of Russian design have been constructed,” he said, adding that Russia is unique in possessing expertise across the entire nuclear energy chain. “Building on this foundation, we’re constructing nuclear power plants in Egypt, Bangladesh, and Turkey. We intend to deepen cooperation in the nuclear industry with countries of the Global South through BRICS.”
