Putin took part in a meeting on the situation on the global oil and gas market. The main thing

On March 9, Russian President Vladimir Putin took part in a meeting in the Kremlin on the situation on the global oil and gas market. The main statements of the Russian leader are in the material of Izvestia.

About Russian oil

At a meeting in the Kremlin, Putin offered to talk about the situation on world markets and expressed a desire to hear the opinions of those present on the current events, as well as on how to coordinate the efforts of the state and private companies.

The Russian leader added that Russia will continue to supply oil and gas to those countries that are themselves reliable counterparties. The President pointed out that Russian energy suppliers have always been distinguished by their stability and reliability.

"In this regard, of course, I cannot but say and remind not only my colleagues sitting in this room, but also all our consumers in general, that it is precisely this stability that has always distinguished Russian energy companies," Putin stressed.

"Changing the balance of supply and demand of hydrocarbons, of course, will lead to a new stable price reality. This is bound to happen. Therefore, it is important for Russian energy companies to use the current moment, including in order to direct additional export revenue to reduce their debt burden and debt owed to domestic banks," the president said.

He also added that Russia is already increasing supplies to the country's reliable partners in several regions of the world.

On energy supplies to Europe

The Head of State also noted that Russia is ready to work with European buyers of hydrocarbons if they ensure long-term operation without political conjuncture.

"If European companies, European buyers suddenly decide to reorient themselves and provide us with long-term sustainable joint work, devoid of political conjuncture, please. We never refused. We are ready to work with the Europeans," Putin said, adding that Moscow needs signals from European countries that they are ready and willing to work, and will ensure stability and stability.

He also pointed out that Russia may decide to transfer energy supplies from the European Union to more interesting directions, without waiting for the European Union to "slam the door" on its own. The President also recalled that from April 25, EU countries plan to impose additional restrictions on the purchase of Russian hydrocarbons, including liquefied natural gas, until a complete ban on such supplies in 2027.

"In this regard, the government has already been tasked with assessing the possibility and expediency of stopping the supply of our energy resources to the European market, not waiting for the door to be demonstratively slammed in front of us, but doing it now and diverting these volumes from the European market to a more interesting direction, and gaining a foothold there, which is most important," — said Putin.

About oil and gas production in the Middle East

The Russian President noted that oil production in the Middle East, focused on exports through the Strait of Hormuz, risks being completely stopped in the coming month. It has already started to shrink, he added.

"The storage facilities in the region are filled with oil, which cannot be exported in any way. Either it is very difficult to export, or it is very expensive to export," he added.

He also drew attention to the fact that the Russian Federation had warned that attempts to destabilize the situation in the Middle East would jeopardize the global fuel and energy complex.

"I would like to note right away that Russia warned that attempts to destabilize the situation in the Middle East would inevitably jeopardize the global fuel and energy complex: they would raise oil and gas prices, limit the supply of these resources around the world and, of course, disrupt long-term investment plans," the Russian leader said.

The President added that attempts to find new ways to export oil from the Middle East are difficult and expensive, whereas consumers need fuel now. He also called it obvious that a complete switchover of Middle Eastern oil supplies without using the Strait of Hormuz is now unrealistic.

"Changing logistics will not only take a long time, but will also require significant infrastructure costs and the expansion of sea terminals. And, of course, it will involve high political risks that have not gone away," Putin said.

The Russian leader also added that in 2025, about a third of the world's offshore oil exports, about 14 million barrels per day, passed through the Strait of Hormuz. About 80% of them were sent to the countries of the Asia-Pacific region.

Putin also stated that production capacities in the Middle East have decreased, which will take weeks or even months to restore.

About energy prices

The Russian leader pointed out that the Russian Federation understands and takes into account that the current high energy prices are temporary.

"Global gas prices are also rising, in my opinion, even faster than oil prices," Putin said during the meeting.

He added that over the past week, global oil prices have increased by more than 30%. Putin also pointed out that early in the morning the price was over $119 per barrel, then it dropped to $106-107.

"There are fluctuations anyway, and the trend is not downward, but upward," the president said.

"In the current conditions, the competition of buyers for suppliers of energy resources, for ensuring stable, predictable supplies of oil and gas, is intensifying," the Russian leader drew attention.

He also pointed out that logistical problems on hydrocarbon transportation routes are hitting industry and the system of international economic relations, because other purely economic problems are behind the disruption of supplies. In particular, Putin noted, inflation will rise.

All important news is on the Izvestia channel in the MAX messenger.