English transcript

In the current situation, competition among

consumers of energy resources is growing.

Consumers are vying for stable, predictable oil and gas supplies, and in this regard

I can't help but remind everyone

not only you here, but all consumers, that

stability is something that

Russian energy companies have always been known for. Of course, global energy logistics

amid the ongoing conflict in the Middle East will

will be changing, shifting towards more lucrative markets.

Once again, I emphasize, Russia is a reliable energy supplier.

This has always been the case, and of course, we will continue supplying oil and gas to countries

that are themselves reliable partners. And I mean not only our

partners in Asia-Pacific,

but also states the Eastern Europe, such as Slovakia and Hungary.

Point out right away that Russia

warned many times that attempts at destabilizing the situation in the Middle East

will inevitably threaten the global

energy complex, will

lead to a spike in oil

prices, disrupt supply chains across the world, and will disrupt long-term investment plans.

This is obviously happening right now, because we see logistical problems

along traditional carbohydrates

carbon supply chains, it disrupts global supply chains,

and it affects industries across the world, and affects the entire system of international economic relations.

Because disrupted supply chains

often entail other problems of economic nature,

boost inflation, and so on.

And oil and gas production

and manufacturing suffers as a result. Let me remind

Let me remind you that last year, Hormuz Strait

accounted for about one-third of the world's oil exports. That's about 14

million barrels a day, 80% of which

were going to the Asia-Pacific countries.

Now this route is essentially cut off

and oil production that depends strongly on the use of the Hormuz Strait

threatens to stop in the next few months.

And oil storages in the region are being filled with oil that cannot be transported

away or is getting too expensive to

transport. And of course,

completely shifting Middle East oil supplies

to schemes not using the Hormuz Strait is hardly feasible now.

Because shifting logistics,

changing logistics will not only take time, but will also

require great expenditure

for infrastructure, expanding seaports,

terminals, and so on. And it carries great political risks that are, of course, still there,

because consumers need oil right now. As a result,

world oil prices are

rising.

As of today, 5:30 a.m. in

in Moscow,

oil passed the 119

dollars per barrel.

It's currently at 1.3... at

103 dollars per barrel, so

prices are rising and the trend is

upwards. The same situation is developing on the global gas market, because

LNG supplies from the Middle East

have decreased drastically.

Production facilities will take weeks or even months to restore,

and offsetting the

the missing volumes, the missing supplies is impossible.

And LNG prices are going even faster than oil prices, growing.

EU countries, from 25th of April,

plan to impose additional restrictions on

Russian LNG and energy,

all the way to imposing a complete ban

on such supplies in 2028.

In this regard, I've already instructed the government to evaluate

the possibility of

stopping energy supplies to the European market,

without waiting

for the door

to be shut in our face.

And those

volumes will be shifted to other markets that are more interesting and promising to us.

Right now, the market situation is developing in such a way that

if we

make this transition right now, if we shift to markets

that really need increased supplies,

we will get

a stable foothold there,

in markets where there is reliable demand and where there are reliable long-term relations.

The states that are building long-term relations with Russia, constructive relationships with Russia.