SOCHI, October 21. /TASS/. OPEC + countries are increasing oil production, but not every country is able to do it quickly, Russian President Vladimir Putin said at a meeting of the Valdai International Club on Thursday.
"Currently, the OPEC+ countries are increasing production volumes, even slightly more than they agreed to do, but not everyone can do it. Not all oil-producing countries are able to quickly increase oil production. This is a long-term process, a long cycle," Putin said.
The head of state recalled that in 2012-2016, annual investments in oil production amounted to about $400 billion, and in recent years they have decreased to $260 billion.
"Political cycles in leading economies do not coincide with investment cycles, in particular in such an important industry as energy. What is the political cycle? [It is] four to five years. What are the leading political forces, parties and individual politicians doing at this time? They promise everything and as much as possible and at a cheaper price. In particular, this is related to green energy. And what is the result? Banks stop lending, investments shrink. The moment will come when - similar to the current situation - the market demands [fuel], and [there] is simply nowhere to get from," Putin added.