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Putin ready to supply gas to Europe after crisis caused by war in Middle East

2026-03-09 19:47:14Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Putin ready to supply gas to Europe after crisis caused by war in Middle East

The G7 countries have said they are ready to take "necessary measures" to support global energy supplies as the US-Israeli war with Iran sent oil prices soaring. However, a meeting of G7 finance ministers and the International Energy Agency (IEA) ended without an agreement to release strategic crude oil reserves.

Oil prices hit nearly $120 a barrel on Monday on fears of a prolonged supply disruption, sending global stock markets tumbling. At the virtual meeting, the option of releasing oil from reserves was one of several topics discussed, with Fatih Birol, head of the IEA, saying global oil markets had "deteriorated in recent days".

Birol said: "In addition to the challenges of transit through the Strait of Hormuz, a significant amount of oil production has been curtailed. This is creating significant and growing risks for the market. IEA member countries currently hold over 1.2 billion barrels of public emergency oil reserves, with another 600 million barrels of industrial reserves held under government obligation."

After the meeting, French Finance Minister Roland Lescure said: "We are not there yet," when asked if emergency reserves would be released. If the reserves are released, it would be the first time since 2022, after Russia's full-scale invasion of Ukraine.

In a statement after the meeting, the G7 said: "We stand ready to take necessary measures, including supporting global energy supply, such as releasing reserves."

Meanwhile, Russian President Vladimir Putin said the war with Iran had caused a global energy crisis and warned that oil production, dependent on shipping through the Strait of Hormuz, could soon come to a complete halt. Putin said Moscow was ready to work again with European clients if they wanted to return to long-term, non-politicized cooperation.

"Russia is, I repeat, a reliable energy supplier. It has always been so. We, of course, will continue to supply oil and gas to those countries that are themselves reliable parties. I mean not only our partners in the Asia-Pacific region, but also states in Eastern Europe such as Slovakia and Hungary. Even now, some colleagues informed me before this broader meeting, we are increasing supplies to our reliable partners."

"Russia is the world's second-largest oil exporter and holds the world's largest natural gas reserves. A major disruption to energy supplies from the region threatens to raise prices for consumers and businesses around the world. Rising inflation could lead to fewer interest rate cuts by central banks."

About a fifth of the world's oil supply usually travels through the Strait of Hormuz. But traffic through the strait has been virtually halted since the war began more than a week ago. 


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