Russia will reduce oil production 1% in 2025 to 510 mln tonnes of oil due to OPEC+ commitments - Putin

MOSCOW. Oct 16 (Interfax) - Oil production in Russia in 2025 is expected to be 510 million tonnes, which is 1% lower than the previous year; the reduction is due to the country's commitments within OPEC+, President Vladimir Putin said during the plenary session of Russian Energy Week.

"Despite the use of unfair competition mechanisms against us, we provide around 10% of global production and expect that by the end of the year, 510 million tonnes of oil will be produced in our country. This is approximately 1% lower than last year, but I want to draw your attention, dear colleagues, that this is happening in accordance with the agreements within the OPEC+ agreement, meaning this is a voluntary reduction," Putin said.

Russia together with other OPEC+ participants is fulfilling its obligations to balance the global oil market, he said.

"There is a result from these joint efforts. First of all, I mean the supply levels on the market and the price situation. These parameters suit both oil producers and consumers, allow the industry to launch investment projects, and most importantly, ensure conditions for the more predictable development of the entire global economy," he said.

The Russian oil sector is operating in a stable manner; companies have built new supply and payment channels and are making plans for the future, Putin said.