Turin, 16 October (LaPresse) – In Russia, oil production is expected to reach 510 million tonnes by the end of 2025, down 1% compared to 2024. The decline is due to the country's commitments to the OPEC+ alliance. This was stated by Russian President Vladimir Putin at the plenary session of the Russian Energy Week forum, as quoted by Interfax. "Despite unfair competition against us, we account for about 10% of global production and expect to produce 510 million tonnes of oil in our country by the end of the year. This is about 1% less than last year, but I would like to emphasise that this is in accordance with the OPEC+ agreement, which means that it is a voluntary reduction," he said. Putin then noted that Russia, together with the other members of the alliance, is fulfilling its obligations to rebalance the global oil market. ‘Our joint efforts have yielded results. I am referring primarily to market supply volumes and price conditions. These parameters satisfy both oil producers and consumers, enable the sector to launch investment projects and, above all, create the conditions for a more predictable development of the entire global economy,’ he stressed. Finally, he noted that the Russian oil sector is operating reliably.