President Vladimir Putin gave the keynote address at Russian Energy Week 2025 in Moscow.

Here are some of the main parts of his speech. He spoke in Russian and his words were translated by Reuters. ON FUTURE OF OIL MARKET:

"According to estimates, global oil demand this year will amount to 104.5 million barrels per day, more than a million more than last year. The main factors driving consumption growth are the active development of the petrochemical industry, which is growing faster than global GDP, as well as the transport sector, where many plans to phase out internal combustion engines are being pushed back. People use gasoline-powered cars and they will continue to do so." ON RUSSIAN OIL SECTOR:

"Russia maintains its position as a leading oil producer, despite unfair competition be

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