Important message from Putin: Russia is ready to work with Europeans

Russian President Vladimir Putin held a meeting at the Kremlin Palace with representatives of Russian oil companies following the rise in oil and gas markets due to the conflicts between the US, Israel, and Iran in the Middle East.

Putin said, "Today we see logistical problems in oil shipments, and we see that this has an extremely negative impact on global production chains, affecting the entire international industry and economic relations system. Because disruptions in oil and gas supplies trigger inflation and industrial production."

Recalling that approximately one-third of the world's seaborne oil transportation (about 14 million barrels per day) passed through the Strait of Hormuz last year, Putin stated, "About 80 percent of this was going to countries in the Asia-Pacific region. Currently, this route is completely closed. Oil production dependent on the strait faces the risk of coming to a complete halt within the next month." Putin also noted that it is impossible to ship Middle Eastern oil without using the Strait of Hormuz.

"Russia will continue to supply oil to reliable countries"

Pointing out that oil prices are rising rapidly, Putin said, "A similar situation is occurring in the global natural gas market. The supply of liquefied natural gas from the Middle East has dropped sharply. Production capacity in the region has decreased, and it will take weeks, or even months, to return to its previous state.

It is not possible to compensate for the lost amounts quickly. As a result, global natural gas prices are also rising rapidly. It is clear that in the ongoing conflict environment in the Middle East, global fuel and energy shipments will shift in favor of more profitable and promising markets. Russia is a reliable energy supplier. This has always been the case. Russia will continue to provide oil and gas to countries that are themselves reliable counterparties," he said.

"Russia is ready to work with Europeans on oil and natural gas supplies"

Reminding that European Union countries have a plan to gradually stop purchasing Russian oil by 2027, starting from April 25, Putin said, "In this context, the government was tasked with evaluating the analysis and feasibility of stopping our energy supplies to the European market. Instead of waiting for the door to be slammed in our faces, we should do it ourselves and redirect these volumes to more attractive regions than the European market."

Pointing out that new oil market areas should be explored instead of Europe, Putin nevertheless emphasized that they could cooperate if European countries wanted to work with them.

Putin said, "If European companies and buyers suddenly decide to change their direction and offer us long-term and sustainable cooperation away from political considerations, they are welcome to do so. We have never refused, and we are ready to work with Europeans. However, we need some signals from them that they are ready and willing to work with us and that they will ensure this sustainability and stability," he said.