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Putin marks unprecedented situation in oil and gas market

The Russian leader called for prevention of the fuel shortage and limitations of power supplies to enterprises and households in the country

© Alexei Andronov/TASS

NOVO-OGAREVO, April 29. /TASS/. Russian President Vladimir Putin noted that the current issues of the global energy market are systemic in nature, but there have not been such large-scale fluctuations in the oil market as now. His said this at a meeting on energy sector development on Wednesday.

He noted that in recent months, both Russian and global energy sectors have faced serious shocks. "These problems are systemic in nature and go far beyond national borders," Putin said, adding that the situation with coronavirus has had the most negative impact on the global economy and energy demand.

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"The global energy market is not the first to encounter sharp, dramatic fluctuations. But, this [as it is now] has never occurred before, that’s true. I have seen some of your public statements and agree: this has not happened before," Putin told the participants of the meeting, stressing that in order to smooth out these trends, joint efforts are needed, in particular as part of OPEC+ deal.

The President invited business representatives to share their views on trends in energy markets and the development of the situation in the future.

Putin stressed that energy is a key sector of the Russian economy, which directly affects the development of manufacturing, transport, agriculture, cities, villages and the country as a whole. It also largely determines Russia's export potential and the state of public finances, he added.

According to the President, the country's fuel and energy complex, which employs 2.5 million people, is a high-tech industry, where projects that know no equals in the world are being implemented. Such projects in particular include the development of new fields in Arctic shelf and in the harsh conditions of Eastern Siberia, Putin said.

"The global energy market is not the first to encounter sharp, dramatic fluctuations. But, this [as it is now] has never occurred before, that’s true. I have seen some of your public statements and agree: this has not happened before," Putin told the participants of the meeting, stressing that in order to smooth out these trends, joint efforts are needed, in particular as part of OPEC+ deal.

The Russian leader called for prevention of the fuel shortage and limitations of power supplies to enterprises and households in the country.

"Fuel shortage on the domestic market, limitations of power supplies to enterprises and country’s settlements must be prevented under any circumstances," the head of state said.

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