Putin Says The Energy Crisis Has Arrived, Russia Ready To Work With Europe
MOSCOW, March 9 (Reuters) – Russian President Vladimir Putin said on Monday that the Iran war had triggered a global energy crisis and warned that oil production, which depends on transportation through the Strait of Hormuz, could soon come to a complete halt.
However, Putin once again signaled that Russia is ready to provide oil and natural gas to Europe. Russia is the world’s second largest oil exporter and has the world’s largest natural gas reserves.
Speaking at a televised meeting with government officials and the heads of Russia’s leading oil and gas producers, Putin said Moscow was ready to work again, even with European customers, if it wanted to return to long-term, non-political 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 have never rejected that. We are also ready to work with the Europeans. But 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,” Putin said.
Putin also stated that Russian companies should take advantage of the current situation in the Middle East, but that the increase in prices is probably temporary.
Oil prices surpassed $100 a barrel on Monday, reaching peaks not seen since 2022. Oil prices have reached peaks not seen since 2022, with the Strait of Hormuz, one of the world’s most important oil choke points and carrying roughly one-fifth of global oil and liquefied natural gas flows, effectively closed due to the Iran war.
