Russia Maintains Leading Position In Global Energy Market, Says Putin At Forum

Russia continues to be a significant player in the global energy sector despite facing substantial challenges, according to President Vladimir Putin. Speaking at the Russian Energy Week forum, he emphasised that while difficulties are widespread, Russia remains a key participant in the energy market. National companies have successfully redirected oil, petroleum products, and coal deliveries over the past two years.

President Putin highlighted Russia's role as a dependable energy supplier, contributing to market stability. He noted that over 90% of Russia's energy exports go to friendly nations. "Earlier the share of the Asia-Pacific region in our energy exports was about 39 percent, by the end of last year it had grown 1.5-fold and already exceeded 60 percent. In general, friendly countries account for more than 90 percent of Russia's energy exports, while their physical volume, with the exception of natural gas, which is also understandable for experts, has remained practically at the 2021 level," Putin said.

The Asia-Pacific region has seen a notable increase in its share of Russian energy exports. By the end of last year, this share had risen from about 39% to over 60%. This shift underscores Russia's strategic pivot towards markets that are considered friendly amidst global tensions.

The ongoing Russian Energy Week forum is being held in Moscow from September 26th to 28th, 2024. The event is themed "Energy Cooperation in a Multipolar World." It aims to highlight Russia's energy sector potential and promote international collaboration.

Organised by Roscongress Foundation and Russia's Ministry of Energy with government support, this forum seeks to enhance global cooperation in energy. It features over 30 thematic sessions and business dialogues across five main areas such as international cooperation and sustainable energy development.

The forum also focuses on technological advancements and strategies for developing the fuel and energy complex. These discussions aim to address current challenges while exploring future opportunities within the sector.

In summary, despite facing numerous obstacles, Russia maintains its position as a leading global energy supplier. The country continues to adapt its export strategies while fostering international partnerships through platforms like the Russian Energy Week forum.

With inputs from WAM