Russia Has Warned Multiple Times, Says Putin

Russian President Vladimir Putin held a consultation at the Kremlin to discuss the current situation in the global oil and gas markets. He announced that oil production, which depends on supplies through the Strait of Hormuz, could come to a complete halt next month.

According to Putin, a complete transition of oil supplies from the Middle East without utilizing the Strait of Hormuz is currently unrealistic. He also reminded that Russia has warned multiple times that attempts to destabilize the situation in the Middle East would lead to a spike in oil and gas prices.

He noted that global oil prices have risen by 30% in the past week. The disruptions in oil and gas supplies due to the conflict in the Middle East are damaging the entire system of international economic relations.

Putin added that liquefied natural gas supplies from the Middle East have significantly decreased, and the recovery of production could take weeks or months. He emphasized that the currently high energy prices are temporary.

The Russian leader also stated that his country will continue to supply oil and gas to reliable partners, including Eastern European countries like Hungary and Slovakia. According to him, Russia should not wait for Europe to “dramatically close the door” on energy supplies but rather redirect volumes to other markets.

Putin also mentioned that Russia is ready to cooperate with European countries on oil and gas supply issues but is waiting for an appropriate signal from them.