Russia remains one of the world’s leading oil producers despite unfair competition, Russian President Vladimir Putin said while speaking at the plenary session of Russian Energy Week.

Axar.az informs “Russia continues to hold its position as one of the leading oil producers, despite the use of unfair competition mechanisms against us,” Putin stated.

“Russia continues to hold its position as one of the world’s leading oil producers despite the use of unfair competition mechanisms against us. We account for about 10% of global oil production, and by the end of the year, we expect to produce 510 million tons of oil — roughly one percent less than last year,” Putin said.