Reference News, March 10 report. According to RIA Novosti on March 9, Russian President Putin discussed the global energy market situation and Russia's next steps amid rising oil prices during a meeting held at the Kremlin.

According to the report, Putin said that a large amount of oil exported globally passes through the Strait of Hormuz in 2025. However, due to the actions of the United States and Israel in the Middle East, this route has been almost blocked at present.

Putin said: "There is a risk of complete shutdown of oil production in the strait in the next month. The output in the region has already started to decline."

Putin emphasized that Russia had previously warned that attempts to destabilize the region would impact the global energy market and push up energy prices. Oil prices have risen by more than 30% in recent weeks, and natural gas prices have increased even more rapidly. Future oil and gas prices may continue to fluctuate.

Putin said that completely abandoning oil supply through the Strait of Hormuz is unrealistic, and logistics issues are impacting the industrial and international economic relations system. Changes in supply and demand balance will lead to prices stabilizing in a new range. He said: "Under the current circumstances, buyers are increasingly competing for energy suppliers, and all parties are striving for stable and predictable supply."

The report said that Putin emphasized that Russia has always been a reliable energy exporter and will continue to provide energy to reliable traders, including Slovakia and Hungary.

Putin also said that Moscow is willing to cooperate with other European countries, but only if the other party is willing. He reminded that one month later, the EU will begin implementing its first natural gas ban, and starting April 25, it will prohibit the purchase of Russian liquefied natural gas under short-term contracts.

Putin said: "Therefore, I have ordered an assessment of the possibility and feasibility of stopping the gas supply, rather than waiting for (the EU) to shut the door in our face in protest, we should act immediately."

He believes that if Russia can quickly turn to new markets, it can establish itself in these new markets. Putin also called on domestic energy companies to make full use of the existing situation, including reducing debt. (Translated by Li Ran)

Original: toutiao.com/article/7615502875451556371/

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