Russian President Vladimir Putin said on Thursday that Russia remains one of the world's leading oil producers, even in the face of what he described as "unfair competition mechanisms" directed against the country.
Speaking at a conference on Russian energy in Moscow, Putin said that Russia currently accounts for "approximately 10 percent of global production." He projected that by the end of the year, the country will have produced 510 million tonnes of oil.
Putin took aim at Western nations, particularly in Europe, for implementing policies he claims have been detrimental to their own economies. He slammed European countries for cutting purchases of Russian gas, a move he suggested has negatively impacted their energy security and financial stability.
Furthermore, the Russian leader criticized Western restrictions on exporting energy-related equipment to Russia, suggesting these measures are part of the broader "unfair" anti-competitive practices aimed at hindering Russia's energy industry.
Putin's comments come as the United States continues to exert pressure on major energy consumers, particularly China and India, to cease or reduce their purchases of Russian oil and gas. This US strategy, most recently spearheaded by President Donald Trump, is explicitly aimed at curbing the revenues Moscow uses to fund its military operations in Ukraine. Russia heavily relies on oil and gas sales to fill its state coffers.
Trump claimed on Wednesday that Indian Prime Minister Narendra Modi had promised him that New Delhi would stop buying Russian oil. However, India has not confirmed this pledge.
China however publicly defended its purchases of Russian oil on Thursday, characterizing them as "legitimate." Beijing sharply criticized Washington's efforts to influence its trade decisions, denouncing the U.S. actions as "unilateral bullying."