Russia Maintains Position as Top Global Oil Producer Despite Western Pressure, Putin Asserts

Putin didn't mention US pressure on India to stop buying oil from Russia during the conference. (File)

Russia:

Russian President Vladimir Putin declared Thursday that Russia remains among the world's leading oil producers, despite what he described as "unfair" anti-competitive measures directed against his country.

Speaking at a Moscow energy conference, Putin emphasized that European nations had damaged their own economies by reducing Russian gas purchases and criticized Western restrictions on equipment exports to Russia.

During his address, Putin made no reference to American pressure on China and India to cease purchasing Russian oil and gas.

"Russia maintains its position as one of the leading oil producers, despite the use of unfair competition mechanisms against us," Putin stated.

"We account for approximately 10 percent of global production and expect that by the end of the year, our country will have produced 510 million tonnes of oil," he continued.

US President Donald Trump has been urging India and China to stop their oil and gas purchases from Russia in an effort to reduce Moscow's revenue streams that help fund its Ukraine military campaign.

Russia heavily relies on oil and gas sales to finance its government operations.

On Wednesday, Trump claimed that Indian Prime Minister Narendra Modi had promised to halt Russian oil purchases, though India has not verified this statement.

China defended its Russian oil imports on Thursday as "legitimate" and criticized what it termed Washington's "unilateral bullying."