Vladimir Putin’s speech at the Russian Energy Week

Vladimir Putin Addresses Participant of Plenary Session at Russian Energy Week

Delivering a speech at the Russian Energy Week forum's plenary session, an international forum on energy conservation and power industry development, President Putin said Russia will continue stimulating the growth of capital investments in the country's energy sector with the use of renewable energy sources "I would also stress that we use effective mechanisms of support of investments to [power] generation with the use of renewable energy resources that would ensure profits for investors. We will continue to stimulate investments in this area, including by our foreign partners, foreign companies," Putin said.

Russia plans to reduce the energy intensity of country's GDP by a third by 2035 "as part of promoting energy efficiency," he added. Speaking about the oil output cut deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states, Putin said Russia fully meets its obligations under the agreement.

"In 2016, when we agreed about these joint activities, there was a surplus on the [oil] market… production was higher than consumption, the reserves were critical and all these issues resulted in a critical decline in prices… In the end of 2016 [we] agreed about joint activities and decreased [the oil production]… by the way Russia fully implements its obligations by 103 percent… Russia has undertaken commitments to decrease [oil production] by 300,000 barrels per day and we adhere to these commitments," Putin said during the plenary session of the Russian Energy Week. The Russian leader underscored that technological inequality poses a danger for the global energy industry, and Moscow is ready to cooperate with all partners on the "basis of equality."

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