Putin Says OPEC+ Sees Summer Demand Rising, No Need for Extra Action

Russian President Vladimir Putin said the OPEC+ alliance is already lifting crude output in line with earlier agreements and sees no need for additional intervention, even after Middle East tensions pushed prices roughly $10 higher to about $75 a barrel. Speaking at the St. Petersburg International Economic Forum on 20 June, he noted that the Iran-Israel conflict had produced only a "not considerable" price rise and stressed that Russia is “very strictly” observing its production commitments. In a separate appearance on 27 June, Putin added that OPEC+ projects a further increase in global oil demand, particularly during the northern-hemisphere summer, and signalled the group could maintain the larger-than-planned supply hikes it approved in April. Eight core members, including Saudi Arabia and Russia, are scheduled to review policy in an online meeting on 6 July. Putin also dismissed the impact of Western energy sanctions, arguing that proposals to tighten the European Union’s $60-a-barrel price cap on Russian crude to $45 would hurt buyers more than sellers. “It is impossible to shut down Russia’s oil,” he said, adding that rising global consumption underpins the country’s export outlook.