Speaking to journalists in Prague, he said Russia has been and will continue to be a stable provider of oil and gas to Europe.
But he said that when he hears European countries express concern at their dependence on Russian oil and gas, they should not forget that Russia is equally dependent on its European customers. In view of this, he said, Russia may seek to diversify its export markets.
Putin's comments come in the wake of January's dispute with Ukraine over the price of Russian gas, which disrupted supplies to Central and Western Europe.
In a statement released in Moscow today, Putin called for a strategy to tackle instability in world energy markets. He said there is a real threat to global energy supplies.
The Russian president arrived in Prague this evening for talks with Czech leaders. Before his arrival, he was in Hungary.
(with additional material from news agencies)