the quotation marks are opened. if you want to create a shortage, like tomatoes, all you have to do is pass a law that retailers ca n't sell tomatoes for more than 2 cents a pound. you will immediately get a shortage of tomatoes, the same with oil or gas, the quotes are closed, the end of the quote, let me remind you that milton passed away in 2006. he had nothing to do with the russian government and definitely cannot be recorded in the agents of influence of russia it would seem that these are common truths, but the leaders of some countries, the bureaucratic elite brush aside these obvious considerations on someone else's command , deliberately pursuing a course towards the industrialization of their countries to reduce the quality of life of citizens, which

will undoubtedly entail irreversible consequences. ceilings, this will inevitably worsen the investment climate. in the entire world energy sector, then it will provoke an increase in the global energy shortage and further an increase in their value. and this, repeating repeating, will strike first of all at the poorest state. these inevitable consequences are absolutely obvious and here are the experts, including world-class ones. i've just taken quotes about this all the time saying no interventions or oil reserve releases will fix the situation in free resources. the required volumes are simply not available. in general, the whole thing must be understood, in the end, the fact is that because of the aggressive promotion.

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, while against the leading oil producers. this is about 20% of the global industry was imposed by eu and us sanctions, as a result, in 2020-21, investment in oil and gas production dropped to the lowest levels over the past 15 years. you know , at 20-21. long before the start of our special operation in donbass and these investments turned out to be more than two times lower than in 2014 due to the actions of the so

-called western politicians. and business did not report two and five tenths of a trillion dollars. and here now? i'll tell you more about this later, and here the solution of pharmacies is a plus. yes, a peak plus solution aimed solely at balancing the global market. everything was found to be extremely protective. plus. and here it’s incomprehensible, that is, it’s clear that they simply cover up their own repeating mistakes , uh, they try to cover it up, but i’ll talk about that more i’ll say a few words, i’ll note another important point, for example, as i already said, the notorious ceiling on oil prices will be introduced, but who will guarantee that the same ceiling will not be set in other sectors of the economy in agriculture in the production of semiconductors, fertilizers , metallurgy, and not only in relation to russia but also to any other country in the world. no one

will give such guarantees. this means that with their adventurous decisions some western politicians are destroying the global market economy, in fact creating a threat to the well-being of billions of people, the so -called neo-liberal ideologues. the west already has it, we all see it. now, apparently, have taken over the freedom of enterprise of private initiative. russia always fulfills its obligations, as i already said, we are fundamentally different from western states, which cynically refused to fulfill the previously concluded financial technology contracts in the supply and maintenance of equipment, i will say one thing russia will not act contrary to common sense it makes sense to pay for someone else's well-being at your own expense. we will not supply energy resources to those countries that will limit their prices. to those who, instead

of business partnerships and market mechanisms, prefer cheating tricks and shameless blackmail we have been living in such a paradigm in uh, in the political sphere for decades. here. uh, i want to say that we will not act to our detriment. keep in mind our principled position is that the stability of the balanced energy markets and the secure future of the peoples can only be ensured by joint efforts in an open and honest dialogue based on the principles of joint responsibility and consideration of each other's national interests, this is precisely the kind of dialogue we have established with our partners on the plus points that i have just mentioned, as you know, quite recently the next agreements within. uh, this agreement. they take into account, first of all, the dynamics of supply and demand for oil, as well as long-term ones. investment programs of the

oil industry, which, as i said objectively not funded in october. here it is , oil production in our countries will remain at the level of august this year, and then it will be reduced by 2 million barrels per day. we expect that these decisions will suit both oil producers and its consumers, while coordinating the actions of trustee partners. plus, it will definitely continue to ensure the stability and predictability of the market, and experts understand that the issue of predictability is absolutely key. dear colleagues russia is one of the key participants in the global of the energy market in terms of production and export of oil and gas, in terms of electricity generation and coal mining, our country is among the world leaders, despite sanctions pressure and sabotage on infrastructure. we do not intend to give up our

positions, we will continue to ensure stable energy security, we are developing ties with those countries that are interested in this oil production. in russia, it has already overcome the recession and is even slightly higher than last year. we plan that on the horizon of 2025. general the volume of oil exports, as well as the volume of oil production in our country, will remain approximately at the current level. to mark the past decade, russian oil production turned out to be largely dependent on foreign equipment and services, but by 2025 we plan to increase the share of domestic equipment in the industry to 80%. thus, despite the withdrawal of western companies from the russian market. they

only make it worse for themselves. we will be able to ensure oil production in the required volumes. concerning russian gas? we will definitely place our goods on world markets. projects such as the forces of siberia and the turkish stream are working for turkey for the domestic turkish market, and also the blue stream. now, 14 billion cubic meters of gases are being transited in europe through the turkish stream. well, the same large volume, but decent. in this regard, i would like to say, here is the lost volume of transit through the northern streams along the bottom of the baltic sea. we could also move to the black sea region and make thus uh main routes. supply

of our fuel, our natural gas to europe through turkey, creating in turkey the largest gas hub for europe, if, of course, our partners are interested in this, well, in general, economic feasibility, of course, there is also a level of security. here, judging by recent events, of course, the high-tech segment is also adding significantly higher, its production of liquefied natural gas in russia in august increased by almost 60%, including the unique yamal st. petersburg plant located in arctic latitudes give the results of our systemic measure. to develop the resource base of the arctic , to develop the northern sea route and the transport and icebreaking fleet, we will continue to increase energy exports to fast-growing markets. and, of course, we intend to

expand the geography of our deliveries in the near future. let's define key infrastructure objects for this. and we will begin their construction, including such. uh, promising projects like forces of siberia 2 and its mongolian section soyuz vostok as well as docking the asian and european segments of the national gas transmission system, we will continue to support projects of lng terminals, all strategic and marginal specific. uh, the tasks in this area have been set for the russian government , i'm sure. they will be resolved and we will continue the transition to settlements in national currencies when delivering russian energy resources. one such example was already mentioned by gazprom, its chinese partners decided to switch to the ruble and yuan in equal proportions when paying for gas supplies well , uh, some european partners, as you also

well know, they also switched to paying for our gas in russian national currency in rubles, dear colleagues, of course, russia has been and will be one of the largest participants in the global global energy market, but our key task is to make the domestic tag work for the national economy, primarily to increase its competitiveness for the development and improvement of our regions of cities. villages for improvement. uh, the quality of life of our citizens, a separate strategic direction. this is an increase in the volume of hmm processing. we are already implementing large-scale plans in this area, including including the far east launched projects to develop large and low-rise oil and gas chemistry in the coming years, the number of such projects. significantly increase typing program code. gasification refers to residential buildings in towns and

villages, where network gas is laid. as of the beginning of october, gas has already been supplied to the land plots of more than 300,000 households, however, for many citizens, the cost of gas equipment and work inside the site. this is a serious burden, a big burden on the family budget. we also talked about this, primarily about large families disabled veterans low income families definitely need to help them we will do. this is what we are talking about. i ask the regional authorities. to ensure the provision of subsidies to needy citizens for the purchase of gas equipment and carrying out relevant work inside the plots, the amount of such a subsidy should be at least 100,000 rubles. for one connection. i understand that the budgetary possibilities of different regions are different, so the provision of subsidies in the subjects of the federation with a low level of budgetary

security will be supported by federal resources. i ask the governments to keep under control the implementation of this measure of support for citizens, to assess whether additional steps are needed here, another new decision, we have already agreed to include schools in the social gasification program and bring networks to them. i think it’s right that if in the near future the government, together with gazprom, makes a similar decision regarding medical organizations, hospital clinics, dad will receive key social facilities for the territory, medical and educational source of cheap and environmentally friendly energy, which is especially important for rural areas. in general , taking into account the receipt of new applications from citizens, the expansion of the number of connected objects. i ask

the government. extend social gasification program over the 2022 horizon and despite the difficult economic environment, external capacity constraints, russian energy systems continue to be upgraded this year, more than 2,000 facilities have been commissioned and modernized. e, in general, with a volume of 2.000 mw more than 2.000. mg. such a systematic approach makes it possible to maintain electricity prices in russia at the lowest level in europe. let me remind you that in the eu countries this year alone, they have increased several times. particular attention should be paid to improving the reliability of the power grid complex for regions where the situation is the most difficult . special programs have been developed this year and i ask the government. to start implementing them as soon as possible, dear friends, the modern

global energy industry is faced with unprecedented challenges and problems in this situation for many, many years. the world community was driven by the short-sighted erroneous actions of a number of western countries. i have already spoken about this and it seems to me that the search for a constructive way out of the situation is quite convincing, of course, should become the subject of thoroughly, professionally pre-politicized discussions. including at the sites and the russian energy week, i repeat. russia is ready for a trusting partnership in the energy sector in the interests of the sustainable development of our countries and their reliable supply of affordable energy, and we know that this approach is shared by the vast majority of our partners and states of the world. i want to wish you successful work and thank you for your attention. thank you so much. this was the opening speech

of russian president vladimir putin at the key plenary session of the russian energy week, which will discuss global markets and new challenges facing the entire industry. now i will briefly talk about the key statements that the president made, and vladimir putin stated, that now the world economy and, of course, the fuel and energy complex in particular, are experiencing a severe crisis and this crisis is connected exclusively with political decisions with instability, prices and market imbalance, of course, the market is full of politics and this is confirmed, including sabotage on the nord streams. now the actions of individual players show that it is absolutely impossible to trust the security and energy systems in the future and any object absolutely anywhere in the world can be attacked no doubt this is an act

international terrorism, the purpose of which is to undermine the energy security of the entire continent and the logic, cynical to destroy, to block sources of cheap energy, to deprive a million people, industrial consumers of gas, heat, electricity, and other resources and force them to buy all this at much higher prices . and so it northern streams became the most dangerous precedent. it now shows under threat any critically significant object of the transport energy or utility infrastructure. no matter which part of the light, he is, who is behind the sabotage on the nord streams, obviously the one who seeks to finally break the ties of russia to the european union , wants to finally achieve, and to undermine and finish off

political subjectivity. europe to weaken its industrial potential to seize the market. and, of course, here who technically want to emphasize this is technically capable of arranging such explosions and has already resorted to such sabotage. and he was caught by the hand, but went unpunished. vladimir putin noted that all the facts of sabotage at power facilities those who are interested in this are proven and indeed those who are interested in this are behind it. however, russia is not even allowed to examine the damaged branches of the northern streams, vladimir putin also spoke about the terrorist methods of the kiev regime, which has long neglected any kind of terrorism, including nuclear. confirmation of this began to go cancer on the crimean bridge with us, completely ukrainian special services have already said that the regime in kiev has long been using terrorist methods to

organize political assassinations of ethnic purges, massacres of civilians, then they themselves spread on the internet, they realize that they made a mistake. they wash it right away, but it still sits very well. everything remains unstoppable before nuclear terrorism. i mean the shelling of the zaporozhets nuclear power plant, yes and uh, the terrorist attacks around the kursk nuclear power plant of russia in this series, of course, and the attempt to undermine the turkish stream gas pipeline, i repeat, all the facts have been proven and documented, and the ideologists who order these crimes are their ultimate beneficiaries. benefit to the acquirer. those who benefit from instability and conflict, in fact, europe is now forced to buy gas at more expensive prices and will certainly do so in the near future , speaking of the competitive advantages of russian gas. vladimir putin noted that they are indisputably liquefied natural gas. firstly

, it is much more expensive than pipeline gas, and secondly, it is not very stable and , for example, there may be disrupted deliveries to europe when the seller transferred his deliveries to those who paid such a president already had a big price, and then it was russia that came to the aid of europe, now these european partners reproach russia for being unreliable. at the same time, russia is ready to fulfill all its obligations and is ready to supply the necessary energy resources in full. in particular. it is known that one of the branches of the nord stream probably survived. why do i say probably, because i repeat russia is not allowed to be examined? to me this object, of course, it is most likely possible to repair them, however, as the president noted. this should be done only if it makes economic sense. in the event that europe is ready to comply with its terms of supply and accept russian gas. and i must say that

about 7% of all european gas went through one of the branches of the pipeline, through one of the branches of the pipeline. energy with green technologies, of course, they need to be dealt with, it is necessary to look for alternative sources energy, however do. this is in advance, that is, by preparing the ground, when indeed both supply and demand will match. now this has not happened in many respects in the oil market, the market has not been funded in recent years and the crisis was overdue. now i propose to listen to the continuation of the plenary session at the russian energy week, which the head of state said in his speech. here, how do you assess the situation in global energy and the situation in the energy market in fact. it affects all spheres of people's life and

west, here's how you can comment on it. thank you, good afternoon dear colleagues. i would like to continue the topic of the energy challenges that are on the agenda today , the president spoke about this in his speech today. i would single out three such global energy trends that e. we are seeing this for sure. an acute energy crisis, essentially a matter of energy security. e energy poverty, the second is the global transformation of the energy market. and third. this energy transition. this is what we call the reassessment of the pace of the reassessment of the goals of the energy transition, if we talk about the acute energy crisis, what vladimirovich putin spoke about today, what we are seeing first of all, is the imbalance of the market in relation to supply and demand. we see that in many markets today there is a shortage of energy resources, we are talking about the european

market in the first place, where we see a shortage of gas , a shortage of electricity, the same shortage of coal and oil products, relative to which we see that many queues here appear at gas stations shortage of diesel fuel, the second here. probably what we are seeing and seeing. these are very high prices that have not been formed for, probably, 50 years. the last time such a growth jump was there in the seventies and the volatility of these prices, which in turn also leads to a crisis moment. moreover, prices are rising and increased not only for oil. not only for gas electricity, increased for metals for fertilizer for many manufactured goods and products that causes a turn inflation inhibition of growth, the economy and so on. well, the third direction is the lack of capacity, that is, the lack of free capacity. we see it today. and how does it

express itself in the fact that if there is a lack of investments in the oil industry, which are in the industry. what the president also spoke about today, if earlier there were 700 billion invested in the oil sector per year, today it is about 300 billion rub. that's a lot of dollars a year - that's a lot. well, let's just say insufficient volumes and only some countries today, yes, if you take the oil industry have free capacity in order to ensure supplies to the world oil markets. and this is also a certain problem. what are the reasons? this was also discussed today in the president's speech. cause. well, if we talk, for example, about the gas industry, there are several of them, one of them is, well, a targeted policy. e western partners. well, primarily aimed at 7 minutes profit and uh, more like this uh, bearing political slogans,

opportunistic transition policy, for example. with long-term contracts you are pegging oil e to spot prices. this was purposefully carried out, so to speak, the transition to these new e, pricing mechanisms over the past many years over a decade, moreover, when spot prices became higher than e, oil-pegged prices, that is, there was a desire, on the contrary, to return to prices pegged to oil, and we see what this has led to today, the second. er, i would like to point out. this is a deliberate policy for for many years, it was about abandoning russian gas as a whole and the european union in this case accepted first, uh, one energy package, then the next energy package. the so -called third energy package. uh, hmm aimed first at splitting uh. what no

infrastructure and owners of the energy carrier itself, that is, there, for example, gases, e that, in principle, it is not clear what was done for? because well, if these are gas pipelines such as nord stream, for example, or turkish stream or gas pipeline yamal europe it is obvious that in this case there are no other suppliers of energy, except for russia, except for gazprom, there can be no explanation for this infrastructure that this is aimed at developing competition in the markets. this only led to the fact that as we see this infrastructure today. it is either not used, or there, here, a diversion was carried out in the relatively nord stream. uh, either they don’t let them develop a new, uh, infrastructure project, for example, we can remember south stream, which was from requirements of the european union e, in fact blocked.

what did the president say today? and by the way, this uh phrase is very, well, correct from the point of view that energy and economic, in fact, the security of europe and the well-being of europe have always depended for many years on the supply of cheap energy resources from russia , by the way, said , head of eurasia european diplomacy joseph barrel recently. apparently, the realization is already coming that, in principle, the russian energy resources are the economy. uh, europeans, just fall apart, or well, some day industrialization will go to the corresponding industrial production to other markets. and finally, another reason is the indiscriminate outward use of such, er, tools as sanctions are relatively sanctions. supply of equipment for

the oil and gas industry sanctions on lng projects sanctions on the supply of energy resources. if we take, for example, oil, that is, we see sanctions on supplies and the so-called bargo europe to the united states of america to canada great britain these are sanctions and in the form of possibly setting a ceiling on prices for russian energy products supplied, all this, of course. e, in turn, adds even more. uh, destructiveness and issues related to ensuring energy security in general, not only in europe but also in the world. because it's an imbalance. it applies to all energy. it cannot be local, it is global and the presence of this or that resource. it's like, uh, in one glass, pouring from one glass to another, that is, you still get a balance of demand and proposals of the world, and in this regard, of course, what i was talking about, the very beginning of another trend.

you sit down to such a global transformation of world energy markets. we see that as a result of the measures and the short-sighted policy that we are conducting today, we are seeing a reorientation of large energy flows from one market to another, which in turn increases the cost of the fract , increases costs, which in turn take additional time into the first queue for consumers. and this is the problem that today, which has also appeared, which did not exist and which requires a decision to establish new supply chains. so to speak, fixing new ones. eh, the transformation of new energy flows and finally the last thing i talked about, the third one. this is an energy transition. the president also spoke about this today. eh, a few years ago and even last year, many people talked about this, in our opinion. here is the transition to e. fast transition to a clean energy source. everyone has

probably already begun to understand that this is not very efficient energy policy although no one denies unconditionally that it is necessary to introduce renewable energy points, it is necessary to increase the share of, uh, clean energy sources in the energy balance, but this must be done smoothly. it is necessary to do this taking into account the need for an increase in energy consumption in the whole world, and everyone agreed, in opinion they come out of their opinion that the era of carbohydrates. it will be here for a long time, if we take the last year 2021, 86% of the global energy balance is still the share of oil, gas and only 13% of coal is solar and hydro generation hydro generation and about uh, hmm about. uh, four percent. this is nuclear energy, so this balance needs to be smoothly transformed and political economic decisions should be made that would lead. because it would be the

growing consumption in the world and the security of savings in the world, it would be provided precisely with cheap energy resources that would allow the competitive production of the relevant goods. thank you. thank you, european countries are now very actively talking about that they are ready for winter winter is coming. uh, that they are actually 90% full in terms of xg and at the same time supplies are actively going on, st. petersburg, here, how do you assess europe's readiness to pass the winter painlessly? much for the question, but if we denote the urgency of the issue, then it should be noted that the question is formulated for the most part by e european consumers, e, by european politicians in such a way, whether europe will survive the coming winter with the gas reserves

that it has accumulated. yes, if we talk about the percentage active gas, which today is accumulated in european storage facilities, it is not a small 91%. but the question must be divided into two. the first is the active volume of gas that has been accumulated in underground storage facilities in europe in general and the possibility for underground storage facilities in europe to pass autumn- winter peaks is different to note. what did 91% of underground gas storage facilities remember this year, in fact? this is a completely different figure, which was last year several years ago, why, because

today the logistics are completely different completely different sources of gas supply to the european market, which means that the burden that will fall on the underground storage of europe will apparently be much greater than in previous years, if we talk about the volume of active gas in the underground of europe, then, of course, first of all it is necessary talking about germany germany is the country that has the largest underground storage facilities, the largest amount of active gas injection capacity is 100% injection of 21.5 billion cubic meters.