Russia will not supply energy resources to countries which will cap oil prices - Putin

Record ID: 1693092

  • Title: Russia will not supply energy resources to countries which will cap oil prices - Putin
  • Date: 12th October 2022
  • Summary: MOSCOW, RUSSIA (OCTOBER 12, 2022) (RUSSIAN POOL) RUSSIAN PRESIDENT VLADIMIR PUTIN SPEAKING (SOUNDBITE) (Russian) RUSSIAN PRESIDENT, VLADIMIR PUTIN, SAYING: "If prices on oil from Russia or other countries are limited, and artificial price caps are introduced, it will inevitably worsen investment climate in global energy sector, and then will lead to the global shortage of energy resources and their cost will increase. (SHOT CHANGE) And this, I repeat, will hit the poorest states." VARIOUS OF AUDIENCE LISTENING (SOUNDBITE) (Russian) RUSSIAN PRESIDENT, VLADIMIR PUTIN, SAYING: "Any interventions or opening up of oil reserves (SHOT CHANGE) will not change the situation. There are (OVER AUDIENCE LISTENING) not enough available resources." AUDIENCE LISTENING (SOUNDBITE) (Russian) RUSSIAN PRESIDENT, VLADIMIR PUTIN, SAYING: "(OVER AUDIENCE LISTENING) As a result, in 2020 and 2021 (IN SHOT) investments into production of oil and gas reached minimal levels in last 15 years. (OVER AUDIENCE LISTENING) Those investments were two times lower (SHOT CHANGE) than in 2014 due to actions of so called Western politicians. (OVER AUDIENCE LISTENING) And (IN SHOT) business underinvested 2.5 trillion dollars". (SOUNDBITE) (Russian) RUSSIAN PRESIDENT, VLADIMIR PUTIN, SAYING: "We will not supply energy resources to countries which will cap its (energy resources) prices. (SHOT CHANGE) To those who prefer (OVER AUDIENCE LISTENING) card sharper's tricks and shameless blackmail to business partnership and market schemes - (IN SHOT) and we have been living in such political environment (SHOT CHANGE) for decades - I want to say that we won't inflict losses on ourselves." (SOUNDBITE) (Russian) RUSSIAN PRESIDENT, VLADIMIR PUTIN, SAYING: "Stability and balance of energy markets and safe future of (IN SHOT) nations can be provided only by joint efforts in an open, honest dialogue based on principles of collective responsibility and consideration of national interests of each other. We have such dialogue with OPEC+ partners". PUTIN SEEN SPEAKING ON SCREEN, AUDIENCE LISTENING (SOUNDBITE) (Russian) RUSSIAN PRESIDENT, VLADIMIR PUTIN, SAYING: "As you know, (OVER AUDIENCE LISTENING) agreements have been reached recently within that (OPEC+) decision. They take into consideration (SHOT CHANGE), first of all, the dynamics of oil supply and demands, as well (IN SHOT) as long-term programs in oil industry, which, as I said, (SHOT CHANGE) not sufficiently financed. In October, oil (OVER AUDIENCE LISTENING) allowable production in our countries stay at the August level, (SHOT CHANGE) and then will be decreased by two million barrels per day. (SHOT CHANGE) We expect those decisions will be good for both oil producers and oil consumers. (OVER AUDIENCE LISTENING) At the same time, coordination between OPEC+ partners will continue (SHOT CHANGE) to ensure stability and (IN SHOT) predictability of the market." AUDIENCE
  • Embargoed: 26th October 2022 13:24
  • Keywords: Russia Ukraine Vladimir Putin gas
  • Location: MOSCOW, RUSSIA
  • City: MOSCOW, RUSSIA
  • Country: Russia
  • Topics: Conflicts/War/Peace,Europe,Military Conflicts
  • Reuters ID: LVA001174112102022RP1
  • Aspect Ratio: 16:9
  • Story Text: Russian President Vladimir Putin said on Wednesday (October 12) that Russia will not supply energy resources to countries which will cap oil prices. "We won't inflict losses on ourselves", Putin said.
    The impact of efforts to use less Russian energy, plus steep cuts in supplies from Russia, have been felt across the 27-nation EU, with gas prices almost 90% higher than a year ago and fears of rationing and power cuts over the coming winter.
    In a speech at an energy forum in Moscow, Putin also mentioned that price caps will worsen investment climate in global energy sector, and it will hit the poorest states.
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