Russian President Vladimir Putin said on Wednesday that his country intends to keep oil production and exports at current levels until 2025, adding that Moscow will not give up its leading position in the global energy market despite Western sanctions.
Speaking at an energy forum in Russia on Wednesday, Putin said Moscow was ready to resume gas supplies to Europe via the Nord Stream 2 pipeline to Germany under the Baltic Sea.
The Russian president then accused the US of being behind the sabotage that caused gas leaks from the two Nord Stream pipelines over the last period, adding that the large leaks that suddenly occurred in the pipeline stretching from Russia to Europe are a dangerous precedent that threatens international energy security and is considered an “international terrorist act.”
Furthermore, he said that gas prices will cause significant losses for Europe this year, explaining that prosperity in Europe was coupled with cooperation with Russia, pointing out that setting a ceiling on gas prices would make Europe lose hundreds of billions.
He also noted that it is impossible to refrain from cooperation with Russia.
“We want to cooperate with Europe commercially, but they are the ones who imposed the sanctions… What is happening in the energy markets now is the result of the misguided policies of the previous years,” he said.
“Developing countries will be affected by the rise in global gas prices, and European behaviour is the reason for the rise in gas prices. We are ready to supply gas to Europe in the quantities specified in accordance with the previously agreed on contracts.”
Additionally, Putin said that the US is forcing European countries to buy energy at very high prices, pointing to America’s attempts to control the energy markets in Europe.
At the end of September, four gas leaks were detected in the Nord Stream 1 and 2 pipelines, which Russia claimed were a result of sabotage, with Russian officials accusing the US of sabotaging the two pipelines while the EU did not issue any accusations.
Putin also accused the EU of promoting green energy at the expense of the development of the oil and gas sector.
However, Putin praised the decisions of the OPEC+ group, which announced last week that it would reduce production.
In an effort to keep oil prices high, he said that Russia intends to continue working with OPEC+.
