00:00Let me remind you that last year Hormuz strait accounted for about one-third of the world's oil exports.
00:09Now this route is essentially cut off in oil production that depends strongly on the use of the Hormuz strait.
00:17Completely shifting Middle East oil supplies to schemes not using the Hormuz strait is hardly feasible now.
00:25And it carries great political risks that are, of course, still there because consumers need oil right now.
00:32I emphasize Russia is a reliable energy supplier.
00:37This has always been the case.
00:39And, of course, we will continue supplying oil and gas to countries that are themselves reliable partners.
00:46And I mean, not only our partners in Asia-Pacific, but also states of the Eastern Europe, such as Slovakia
00:54and Hungary.
00:56Let me remind you that last year Hormuz strait accounted for about one-third of the world's oil exports.
01:05That's about 14 million barrels a day, 80% of which were going to the Asia-Pacific countries.
01:15Now this route is essentially cut off and oil production, that depends strongly on the use of the Hormuz strait,
01:25threatens to stop in the next few months.
01:30And oil storages in the region are being filled with oil that cannot be transported away or is getting too
01:39expensive to transport.
01:41And, of course, completely shifting Middle East oil supplies to schemes not using the Hormuz strait is hardly feasible now,
01:52because shifting logistics, changing logistics will not only take time, but will also require great expenditure or infrastructure, expanding seaport
02:07terminals and so on.
02:08And it carries great political risks that are, of course, still there, because consumers need oil right now.
02:15World oil prices are rising.
02:25As of today, 5.30 a.m. in Moscow, oil passed 119 dollars per barrel.
02:38It's currently at 1.3, at 103 dollars per barrel, so prices are rising and the trend is upwards.
02:49I'll point out right away that Russia warned many times that attempts at destabilizing the situation in the Middle East
02:58will inevitably threaten the global energy complex, will lead to a spike in oil prices, disrupt supply chains across the
03:12world, and will disrupt long-term investment plans.
03:15This is obviously happening right now, because we see logistical problems along traditional carbohydrates, carbon supply chains, it disrupts global
03:29supply chains, and it affects industries across the world, and affects the entire system of international economic relations.
03:37Because disrupted supply chains, because disrupted supply chains often entail other problems of economic nature, boost inflation, and so on.
03:51And oil and gas production and manufacturing suffers as a result.
03:57Now, EU countries, from 25th of April, plan to impose additional restrictions on Russian LNG and energy, all the way
04:11to imposing a complete ban on such supplies in 2028.
04:16In this regard, I've already instructed the government to evaluate the possibility of stopping energy supplies to the European market,
04:26without waiting for the door to be shut in our face.
04:33And those volumes will be shifted to other markets that are more interesting and promising to us.
04:41Right now, the market situation is developing in such a way that if we make this transition right now, if
04:49we shift to markets that really need increased supplies, we will get a stable foothold there.
04:58In markets where there is reliable demand, where there are reliable long-term relations, the states that are building long
05:08-term relations with Russia, constructive relationships with Russia.
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