Russia maintains top spot in global energy market despite challenges

MENA Newswire News Desk: Russia continues to be a dominant player in the global energy market despite ongoing challenges, Russian President Vladimir Putin declared during the plenary session of the Russian Energy Week (REW) forum in Moscow, according to the Russian News Agency TASS. During his speech, President Putin emphasized that Russia remains one of the leading suppliers of energy resources worldwide, despite significant difficulties faced over the past few years. “Despite the challenges, which are felt by everyone, Russia continues to hold its position as a major participant in the global energy market,” he stated.

Putin highlighted that national companies had successfully redirected deliveries of oil, petroleum products, and coal over the past two years, helping to maintain Russia’s critical role in stabilizing global energy supply. He reaffirmed Russia’s commitment as a reliable energy supplier to international markets. According to the president, over 90% of Russia’s energy exports now go to friendly countries, with a significant shift towards the Asia-Pacific region.

“Previously, about 39% of our energy exports were directed to Asia-Pacific. By the end of last year, this figure increased 1.5 times, surpassing 60%. Overall, friendly nations account for more than 90% of our energy exports, and apart from natural gas, our energy export volumes have remained close to 2021 levels,” Putin noted. The 7th edition of the Russian Energy Week forum, which runs from September 26 to 28, 2024, under the theme “Energy Cooperation in a Multipolar World,” brings together key players from the global energy industry.

The forum is organized by the Roscongress Foundation and the Ministry of Energy of the Russian Federation, with the support of the Russian government and the Moscow city administration. This year’s event features more than 30 thematic sessions and business dialogues, covering key topics such as international cooperation, sustainable energy development, technological innovation, and strategies for the development of Russia’s fuel and energy sector, according to the event organizers.