Putin announced Russia's readiness to reduce oil production
Russia is ready to join the decision to freeze or reduce oil production.
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Russian President Vladimir Putin announced this today at the World Energy Congress in Istanbul.
“In the current situation, we believe that freezing or even reducing oil production is perhaps the only correct solution to maintain the sustainability of the entire global energy sector. Russia is ready to join joint measures to limit production and calls on other oil exporters to do the same,” Putin said.
In his opinion, there is no real reason yet to say that the era of hydrocarbons is coming to an end.
“With oil prices falling by more than half, many are talking about the fact that the era of hydrocarbons is coming to an end, and that we must now completely reorient ourselves to alternative energy sources. I think there are no real grounds for such far-reaching conclusions yet,” Putin said.
The Russian leader believes that not only the demand for renewable energy is growing in the world, but also the consumption of oil and gas.
“The demand for traditional energy resources is supported not only by motorization and electrification of such huge countries and economies as China and India, but also by the continuing penetration of petrochemical and gas chemical products into various spheres of human life and into industrial processes,” Putin said.
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