Oil production tied to transport through the Strait of Hormuz risks coming to a complete halt within the next month, Russian President Vladimir Putin said at a meeting on the situation in global oil and gas markets.

"Oil production tied to the use of the strait risks coming to a complete halt within the next month. It has already begun to decline," Putin said.

According to him, fully redirecting Middle Eastern oil supplies without using the Strait of Hormuz is currently unrealistic. "Changing logistics will not only take a long time but will also require significant infrastructure costs — expanding sea terminals and so on. And of course, it will be accompanied by high political risks that have not gone away."

"Oil is needed by consumers today. As a result, global oil prices are rising — we can see this clearly. In just the past week they have gained more than 30%."

Putin noted that a similar situation is developing on the global gas market, with LNG supplies from the Middle East sharply reduced and production capacity damaged, requiring weeks or months to restore. "Compensating for the shortfall quickly is impossible. As a result, global gas prices are also rising — at an even faster pace than oil."

He emphasized that in current conditions, competition among buyers for energy suppliers is intensifying, and noted that Russian energy companies have "always been distinguished by their reliability." Putin also said that global energy logistics will shift toward more profitable markets, while stressing that current high commodity prices are "temporary."