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Putin says fuel output rose over 4 months, oil declined as a consequence of OPEC+ accords


Russian President Vladimir Putin. File
| Photo Credit: Reuters

Russian President Vladimir Putin mentioned on May 20 that Russian fuel output rose by 8% within the first 4 months of the 12 months to 246.4 bcm.

Mr. Putin, addressing a televised assembly of senior officers dedicated to power points, additionally mentioned Russian oil output had declined by 1.8% within the 12 months to this point to 195.7 million tons, a dip largely as a consequence of manufacturing cuts underneath OPEC+ agreements.

Attending the assembly was Deputy Prime Minister Alexander Novak, Russia’s level man on OPEC+ output quotas, Energy Minister Sergei Tsivilev, the deputy head of the presidential administration, Maxim Oreshkin and the pinnacle of fuel big Gazprom, Alexei Miller.

Mr. Miller was absent from Putin’s delegation in the course of the president’s talks final week in Beijing, the place no further oil and fuel offers have been publicly introduced.

“Despite sanctions and considerable volatility on global and regional energy markets, the domestic fuel and energy complex is developing in a stable fashion and new export areas are opening up,” Mr. Putin informed the assembly.

“And what is critically important and a priority for us is that it is reliably and fully meeting domestic needs. Russia’s economy is growing, needs are rising and they are being met by the fuel and energy complex.”

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