00:00Russian President Vladimir Putin said on Monday that the Iran war had triggered a global energy crisis
00:05and cautioned that oil production dependent on transport through the Strait of Hormuz could soon come to a complete halt.
00:12Russia is the world's second largest oil exporter and holds the world's biggest reserves of natural gas.
00:21He said last year about a third of the world's seaborne oil exports, roughly 14 million barrels per day,
00:27passed through the Strait of Hormuz. Around 80% of that went to Asia Pacific countries.
00:33Now this route is effectively closed. He said it is clear that fully redirecting supplies of Middle Eastern oil
00:40without using the Strait of Hormuz is at least for now unrealistic.
00:44Putin added changing logistics will not only take a long time but also require significant spending on infrastructure
00:51as spending marine terminals. Putin said that Moscow was ready to work even with European customers
00:57again if they wanted to return to long-term, non-politicised cooperation.
01:02Putin also said Russian companies should take advantage of the current situation in the Middle East,
01:07though he noted that the spike in prices was probably temporary in character.
01:12He said it was a toll on the other hand.
01:13He said it was a form of a
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