At the Russian Energy Week forum, President Vladimir Putin underscored the significant repercussions Europe is experiencing after its decision to ditch Russian energy supplies under political pressure.
Putin highlighted that this shift has accelerated the redirection of Russian energy exports towards more promising and rational buyers, who act based on their national interests.
"Our gas companies continue to supply these markets reliably, as always, in all directions," Putin emphasized. He pointed out that gas consumption is steadily growing in the Asia-Pacific region, the Middle East, and Latin America, while European demand remains below 2019 levels.
Putin underlined that although Russia’s gas exports initially dropped, they have since started to rise again.
"They have not fully recovered yet, but the growth is absolutely clear," he remarked.
The Russian president also noted the economic fallout for Europe due to its refusal to purchase Russian energy resources.
"Many European countries have declined Russian energy imports under political pressure. We observe the consequences, including a drop in industrial turnover, rising prices caused by more reliance on overseas oil and gas, and a decline in the competitiveness of European goods and the economy overall," Putin stated.
Focusing on Germany, the economic powerhouse of Europe, Putin highlighted a 6.6% decline in industrial production in July 2025 compared to the average level in 2021.
Putin underlined Russia’s ongoing commitment to maintaining high gas production levels while acknowledging the need to develop hard-to-recover reserves to replenish the resource base.
🚨🇷🇺 Ditch Russian oil? Russia makes up 10% of global output: Putin https://t.co/Xx6QhPYQP4 pic.twitter.com/eZzPV5yJHf
— Sputnik India (@Sputnik_India) October 16, 2025
Regarding oil production, Putin reaffirmed Russia’s status as a leading global oil producer despite facing unfair competition tactics.
"Russia retains its position as one of the leading oil producers, despite the use of unfair competition mechanisms against us," Putin said.
Russia currently provides about 10% of global oil production, he added.
In the nuclear sector, Putin spotlighted Russia’s independence, stressing that the country is not reliant on anyone. He also criticized Western elites for leveraging political situations to gain unfair competitive advantages.
"But we are also facing, of course, an artificial breakdown of the energy architecture caused by the aggressive and very assertive actions of some Western elites," the President. said.
Putin promised to outline Russia’s perspective on the key challenges confronting both the global and domestic fuel and energy sectors during his speech.
Further, Putin praised the Russian state nuclear corporation Rosatom, which occupies approximately 90% of the global nuclear power plant construction market.
"Rosatom has solid experience and remains a high-tech leader," he noted. The president added that the demand for nuclear energy is growing with the rise of the digital economy.
🚨🚨 Sabotage of Nord Stream and EU’s gas refusal only accelerated Russia’s energy pivot: Putin pic.twitter.com/lKKbOmQeor
— Sputnik India (@Sputnik_India) October 16, 2025
Highlighting Russia's global influence in nuclear energy, Putin revealed that 110 Russian-designed power units have been built worldwide. He also outlined ambitious plans to commission more than 29 gigawatts of nuclear power plants, including small nuclear power plants, over the next 15 years—an area where Russia leads globally.
"In Russia, the commissioning of more than 29 gigawatts of nuclear power plants, including small nuclear power plants, is planned over the next decade and a half. And so far, no one is building small nuclear power plants except us. There are plans, but in reality, in practice, nothing happens in the world, only we do it," he stressed.
Furthermore, Putin underlined Russia’s intention to deepen cooperation with Global South countries through BRICS in the nuclear sector.
On oil production, Putin projected that Russia would produce around 510 million tons of oil by year-end, about 1% lower than last year—a voluntary reduction in line with OPEC+ agreements.
He also forecasted continued global demand for energy amid economic growth and noted that internal combustion engine vehicles will remain in use for a long time.
"Previous plans to phase out internal combustion engines are realistically being shifted, so to speak, 'to the right.' Well, people are using gasoline-powered cars, and they will continue to do so. They will continue to do so for a long time," Putin stated.
🚨🇷🇺 The world will continue to use cars with internal combustion engines for a long time to come - Putin pic.twitter.com/4f7DuzphFN
— Sputnik India (@Sputnik_India) October 16, 2025
This year’s Russian Energy Week forum theme, “Shaping the Energy of the Future Together,” brings together government officials, leaders of major energy companies, and representatives from the expert and academic communities.
The official REW programme features more than 60 business events and discussions focused on global energy development and cooperation.
The aim of the forum is to promote multilateral energy cooperation in a multipolar world and to showcase the prospects of Russia’s fuel and energy sector, which is an integral part of the global energy market.
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