Putin Warns Europe Faces Energy Struggles After Cutting Russian Supplies, Highlights Oil Outlook

Russian President Vladimir Putin, on Thursday, October 16, said European countries are facing difficulties after reducing dependence on Russian energy supplies. Speaking on Russia’s energy sector, Putin announced that the country will produce 510 million tons of oil in 2025, a slight 1% drop from 2024, in line with OPEC+ agreements designed to stabilize the global oil market. Putin added that Russia is working to increase its gas exporting potential, though projections from the economy ministry suggest pipeline gas exports outside the former Soviet Union could decline by 10.7% to 72 billion cubic meters this year. Turning to coal, Putin said the market will remain significant for decades and urged government mechanisms to support the industry, which faces challenges such as low prices, international sanctions, and the strengthening rouble, reducing export competitiveness. On the wider energy landscape, Putin stressed that Western equipment could become unavailable due to geopolitical reasons, highlighting the need for Russia to become a technology leader rather than a buyer to ensure energy security and maintain its global influence.