Russia will hunt for new oil and gas buyers as some markets self-sanction, Putin says

• President Putin told Russian officials that the country will seek new markets for its oil and gas.
• Some customers have stopped or slowed energy imports from Russia since the Ukraine war began.

Russia is on the lookout for new energy customers domestically and abroad as some markets have rejected its cargoes since the country attacked Ukraine, according to President Vladimir Putin.

Russian oil, gas, and coal shipments have slowed down as Russia's usual buyers look elsewhere or reduce their purchases. At a Wednesday meeting with top officials, Putin acknowledged that the warring nation is facing export issues.

And moving forward, Russia will be exploring new ways to raise fuel consumption within its own country.

"As for Russian oil, we will be able to raise their domestic consumption, stimulate higher complexity of feedstock processing and raise energy supplies to other parts of the world — somewhere, where they are really needed," Putin said at the meeting, which was broadcast on Russian state television.

Since invading Ukraine, the country has had to redirect some of its oil exports to Asia, and given customers big discounts. Plus, the sanctioned shipments are traveling massive distances to reach new buyers.

The US has banned imports of Russian crude oil, and the UK plans to wean itself off of it by the end of the year. Japan and the European Union are planning to phase out some supplies for Russian coal, and the EU has signaled it could be open to more stringent energy sanctions if the war continues.

Meanwhile, the IEA predicts Russia's output to decrease by 1.5 million barrels a day for the month of April, per Bloomberg.