Putin: Russia will keep oil export and production rates at current levels until 2025

Russian President Vladimir Putin said on Wednesday that Russia intends to keep oil production and export rates at current levels until 2025, adding that Moscow will not give up its global leadership position in the global energy market despite Western sanctions.

Putin also praised the OPEC+ group, which announced last week that it would cut production in a bid to keep oil prices high, and said Russia intended to continue working with the Saudi-led OPEC.

Putin said that the issue of renewable energy should not be “politicised” and accused the European Union of reducing investment in oil and gas.

In a speech at an energy forum in Russia, Putin added that Moscow had nothing to do with the rise in energy prices in Europe and accused the European Union of promoting green energy at the expense of developing the oil and gas sector.