MOSCOW — Russian President Vladimir Putin said Russia was ready to supply energy to European countries if they showed interest, adding that Moscow was now increasing oil and gas deliveries to what he described as “reliable partners” in several regions, Anadolu Agency reported.
Speaking at a meeting on the situation in the global oil and gas market, Putin said Russia would continue to supply oil and gas to “reliable partners”.
“I am referring not only to our partners in the Asia-Pacific region, but also to countries in Eastern Europe such as Slovakia and Hungary,” he said, explaining that Moscow was increasing deliveries to these partners in several regions of the world.
Putin said the European Union planned to introduce additional restrictions on purchases of Russian hydrocarbons, including liquefied natural gas (LNG), with a full ban on such supplies expected by 2027, potentially cutting off Russian energy supplies.
“Rather than waiting for the door to be closed to us, it is better for us to act now, diverting these volumes from the European market to more attractive destinations and, most importantly, strengthening our position there,” he said.
However, he stressed that Moscow was still open to cooperating with European countries on energy supplies, stressing that such cooperation depended on a signal from European capitals that they were ready to cooperate without being influenced by political considerations.
“If European companies and buyers in Europe decide to establish sustainable long-term cooperation without political considerations, then go ahead. We have never refused and are ready to cooperate with the Europeans,” he said.
The Russian president also said that global oil prices had risen sharply in recent weeks, up more than 30 percent. He noted that Moscow had previously warned that attempts to destabilize the Middle East would affect the global fuel and energy sector.
Putin said logistical problems on hydrocarbon transport routes were disrupting global production chains and fueling inflation, noting that about a third of the world’s oil exports by sea through the Strait of Hormuz, which he described as “almost completely closed.”
“Oil production that depends on the strait risks completely stopping within the next month. It has already started to decline and storage facilities in the region are increasingly full of oil that cannot be shipped out or is very difficult and expensive to ship,” he said.
He said gas prices were also rising, even faster than oil prices, following a decline in liquefied natural gas supplies from the Middle East.
Putin said competition among buyers for stable energy supplies was intensifying in the current situation, explaining that Russian energy companies have long been known as reliable and stable suppliers.
Gulf Arab oil producers are cutting production as crude oil piles up in storage facilities following the closure of the Strait of Hormuz.
Oil tankers are mostly avoiding the narrow passage following ongoing attacks by the United States and Israel on Iran, as well as concerns that Tehran may target ships passing through the passage.
— BERNAMA-ANADOLU
