Putin announced the lack of investment in the oil market

MOSCOW, 12 Oct — PRIME. The global oil market turned out to be underinvested due to the aggressive promotion of the green agenda and against the backdrop of EU and US sanctions against leading oil producers, in 2020-2021 oil market financing was the lowest in 15 years, Russian President Vladimir Putin said.

Speaking at the Russian Energy Week forum, he said that alternative energy sources should be dealt with in accordance with consumption volumes, economic growth, without looking ahead for political reasons.

“The fact is that due to the aggressive promotion of the green agenda – which, of course, needs support, as I said, but it’s just smart to do it all – but when it comes to the aggressive promotion of this agenda, including in the Eurozone, the global oil and gas sector has already turned out to be underinvested.At the same time, EU and US sanctions were imposed against the leading oil producers, and this is about 20% of the global industry.As a result, in 2020-2021, investments in oil and gas production fell to the lowest levels in the last 15 years,” Putin said.

The President of the Russian Federation noted that this happened long before the start of the special military operation of the Russian Federation in the Donbass, and these investments turned out to be more than two times lower than in 2014 due to the actions of Western politicians. “And business is $2.5 trillion underinvested,” he added.

Russian Energy Week takes place in Moscow from 12 to 14 October. RIA Novosti acts as an information partner of the forum.