Russia | Putin: What the world oil market is witnessing has never happened before

Russian President Vladimir Putin acknowledged the difficulty of the situation in the global energy market, in light of falling demand for oil and full stocks, and stressed the importance of joint international cooperation to overcome the current difficulties.

It is not the first time that the global energy market has faced severe fluctuations, but the market has not experienced such fluctuations as we are observing today, the Russian President said during a remote meeting today, Wednesday, with major Russian energy companies.

He added “Therefore, in order to reduce this trend and its impact on the global economy and economic life, there is a need for joint efforts, such as the recent (OPEC +) agreement.”

He pointed out that Russia will continue to build effective cooperation with international partners, and search for solutions to achieve a balance in the global energy market.

On the fuel and energy complex in Russia, Putin said that our common goal is to ensure sustainability in the Russian energy sector in the long run, from extracting energy resources through transportation to refining crude.

He emphasized, “The fuel and energy complex in Russia is always able to respond to challenges, as the industrial and technological capabilities of the energy sector allow us to find solutions to complex problems.”

He pointed out that the capabilities and expertise of Russian energy companies will help to overcome the current difficult stage.

As for the fuel market in Russia, he said: “We should not allow a shortage of fuel in the local market,” stressing the importance of continuing large-scale infrastructure projects in the energy sector.

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