Russia Plans Modest Oil Production Cut for 2025

Russia plans to produce 510 million tons of oil by the end of 2025, marking a voluntary decrease of one percent compared to last year's output, President Vladimir Putin announced.

"Russia maintains its position as a leading oil producer despite the mechanisms of unfair competition being used against us. We account for approximately 10% of global production and expect 510 mln tons of oil to be produced by the country by the end of the year. This is approximately one percent lower than last year," he said at a plenary session of the Russian Energy Week forum, The Caspian Post reports, citing TASS.

This is happening in line with the accords within the OPEC+ agreement, Putin noted. "This is a voluntary reduction [in oil production]," he said.

The 8th Russian Energy Week (REW) international forum is taking place in Moscow from October 15 to 17 at two venues: the main discussions are hosted at the Manezh exhibition hall, while an exhibition of fuel and energy technologies and equipment is held at Gostiny Dvor. The theme of this year's forum is The New Reality of Global Energy: Building the Future.