Russia to continue searching for solutions on energy market balancing with partners

Russia will continue searching for solutions on balancing the energy market together with foreign partners, President Vladimir Putin said at a meeting on energy development on Wednesday.

He stressed that “joint efforts are required, including such as the recent OPEC+ agreement,” to mitigate the effect of negative trends on energy markets on the state of economy. “We will continue establishing efficient cooperation with foreign partners in the future, reach agreements on balancing the energy market, search for solutions that will enable enterprises to implement long-term plans, invest in development and create new jobs,” Putin added.

The president has urged the relevant authorities to ensure long-term stability of Russia’s fuel and energy complex (FEC) throughout the entire production cycle.

“Our key common goal is to ensure the long-term stable functioning of the whole Russian fuel and energy complex throughout the whole cycle, from production of resources to their transportation and advanced processing, including the work of small and mid-sized businesses that provide services to the sector and ensure the technological process,” he said.