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(Reuters) – Russian President Vladimir Putin said on Monday that the Iran war had triggered a global energy crisis and cautioned that oil production dependent on transport through the Strait of Hormuz could soon come to a complete halt.
Putin, though, signalled again that Russia was ready to supply oil and gas to Europe. Russia is the world’s second largest oil exporter and holds the world’s biggest reserves of natural gas.
Speaking at a televised meeting with government officials and heads of Russi’s leading oil and gas producers, Putin said that Moscow was ready to work even with European customers again if they wanted to return to long-term, non-politicised cooperation.
“If European companies and European buyers suddenly decide to reorient themselves and provide us with long-term, sustainable cooperation, free from political pressures, free from political pressures, then yes, we’ve never refused it. We’re ready to work with Europeans too. But we need some signals from them that they’re ready and willing to work with us and will ensure this sustainability and stability,” Putin said.
Putin also said Russian companies should take advantage of the current situation in the Middle East, though he noted that the spike in prices was probably temporary in character.
Oil prices exceeded $100 per barrel on Monday to reach their peaks unseen since 2022 as the Strait of Hormuz, one of the world’s key oil transit chokepoints, carrying roughly a fifth of global oil and liquefied natural gas flows, has been effectively closed due to the Iran war.
Reporting by Maxim Rodionov; editing by Guy Faulconbridge
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