Russian President Vladimir Putin held a meeting with members of his government on the instability of the global oil and gas market, and what actions Russia could take to stabilize both its own position as well as that of the global markets as a whole.
In his opening remarks to the meeting, published on the Kremlin website on March 9, Putin reviewed the effects the U.S.-Israeli war in Iran are already having on the oil and gas markets, pointing out that “oil production tied to the use of the Strait [of Hormuz] risks coming to a complete halt within the next month.” Moving the oil through other transportation routes is unrealistic for the time being, he said.
The story is the same with LNG, Putin told his colleagues. “Production capacities have decreased in the region, which will take weeks or even months to recover.”
