Moscow: Russian President Vladimir Putin on Thursday accused 'certain Western elites' of artificially disrupting the global energy system. Speaking at the plenary session of the 8th Russian Energy Week international forum in Moscow, Putin expressed Russia's perspective on challenges facing the global and Russian fuel and energy sectors, one of which he said is the restructuring of global energy relations.
According to Anadolu Agency, Putin described this restructuring as a 'natural and objective process' in many ways, amid the emergence of new centers of economic growth and an increase in energy consumption in those centers. 'At the same time, we are also witnessing an artificial disruption of the energy system, driven by the aggressive and assertive actions of certain Western elites,' said Putin.
He noted that many European countries have refused to purchase Russian energy supplies 'under political pressure,' the repercussions of which, he argued, are evident within the EU. This includes a 'decline in industrial output, rising prices due to more expensive imported oil and gas, and a reduction in the competitiveness of both European goods and the broader economy.'
Putin also highlighted that energy supply chains are undergoing a transformation, with logistics increasingly shifting toward the Global South, particularly in the Asia-Pacific, Africa, and Latin America regions. 'This shift involves more reliable routes, the development of new hubs and ports designed to meet both current and future demands of energy consumers,' he said.
Despite challenges, Putin stated that Russia maintains its position as a leading oil producer 'despite the mechanisms of unfair competition' used against it. He noted that Moscow accounts for about 10% of global oil production and expects to produce 510 million tons of oil this year. Additionally, Putin underscored Russia's energy balance as 'one of the greenest in the world,' with 87% of the country's energy production having a low or zero carbon footprint.
He further remarked on Russia's unique competencies in nuclear generation, highlighting its involvement in constructing nuclear power plants in Bangladesh, Egypt, and Trkiye. 'We intend to further develop our cooperation in the nuclear industry with Global South countries and within BRICS. We are working very actively in this sphere,' he said. Putin concluded by stating that experts believe nuclear energy will become a key pillar of the future global energy balance, with the world's nuclear power capacity projected to almost double by 2050.