NEWS: Russia takes advantage of large crude oil releases as oil prices surge.

Vladimir Putin calls on Russian oil companies to capitalize on the spike in energy prices caused by Middle East tensions to boost exports and use the additional revenue to reduce debt with domestic banks.
He believes that disruptions in supply at the Strait of Hormuz could cause oil and LNG production dependent on this shipping route to halt for about a month, and restoring supply could take several weeks to a month.
However, Putin emphasizes that the current high oil prices are only temporary, as the market will eventually establish a new supply-demand balance, leading to price stabilization. Therefore, Russia needs to seize the high-price period to strengthen the financial position of energy companies.