Russia’s oil pipeline monopoly said on Monday that deliveries to Europe would be cut and prices for Russian crude would rise once the country built a planned pipeline to Asia, in another indication of mounting global competition for energy resources.

The comments from Semyon Vainshtok, chief executive of Transneft, came days after Gazprom, Russia’s gas giant, warned it might shift its focus to fast-growing markets such as China if its ambitions to expand in Europe were blocked.