Putin called the current situation on the oil market unprecedented

29 April 2020


The problems of global energy are systemic, but there have not been such large-scale fluctuations in the market as now. This opinion, according to TASS, was expressed by Russian President Vladimir Putin at a meeting on energy development today.


The situation with the coronavirus, according to him, also had a negative impact on the world economy and on the demand for energy resources.


"This is not the first time that the global energy market has faced sharp, dramatic fluctuations. True, there has never been anything like this.  I have seen some of your public statements, and I agree: it has never been like this before," Putin said, adding that joint efforts, including such as the recent OPEC+ agreement, are needed to mitigate such trends.


And Russia, as Vladimir Putin stressed, will continue to look for solutions to balance the energy market together with foreign partners.


"We will continue to establish effective cooperation with our foreign partners, reaching understandings on balancing out the energy market and searching for solutions that enable enterprises to implement their long-term plans, invest in development and create new jobs," Putin said.


The head of state also demanded to prevent fuel shortages and restrictions on energy supply to enterprises and citizens in the country.


"By no means can we tolerate a fuel shortage on the domestic market or a limited power supply to enterprises or populated areas," he stressed.


The leading companies of the Russian fuel and energy industry on the list of vital companies, the Russian leader reminded, and the operation of various economic sectors depends on their rhythmic and stable work, and that's why it is important to preserve the reliability of these cooperation and production ties.


Vladimir Putin recalled that the Russian fuel and energy sector has always been able to respond to challenges. "The industrial and technological potential as well as the human resources of our energy industry allow us to resolve the most complicated problems.  I am sure that the experience and capacity of the Russian energy companies will also help them get through today’s difficulties with dignity," the president concluded.

 

GSV "Russia - Islamic World"

Photo: official website of the President of the Russian Federation