Russian President Vladimir Putin stated that Russia is ready to resume oil and gas supplies to Europe amidst the energy crisis that arose due to the conflict around Iran. He said this during a meeting in the Kremlin dedicated to the situation on the global oil and gas market, writes The Moscow Times.
Vladimir Putin. Photo: Sefa Karacan/Anadolu via Getty Images
Putin emphasized that Russia itself has never refused to supply energy resources to Europe. According to him, if European companies and buyers decide to cooperate again and ensure long-term and stable operation without political pressure, the Russian side is ready to resume such cooperation.
He also noted that Russia continues to supply energy resources to Hungary and Slovakia — EU countries that are still buying Russian oil and gas. In addition, exports are increasing to other states which Moscow considers reliable partners.
According to Putin, the war in Iran and the blocking of the Strait of Hormuz, through which about a third of global oil trade passes, could seriously impact the world economy. He believes that this will lead to increased inflation, problems in goods production, and a new level of energy resource prices, as it is almost impossible to quickly replace oil and gas from the Middle East. He also warned that oil production in the region associated with this strait could stop within the next month.
The politician emphasized that Russian energy companies have always been considered reliable suppliers. He added that high global oil prices, which recently reached about 119 dollars per barrel, should be used to reduce the debts of energy companies to Russian banks.
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