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    Home > Headlines > Putin: OPEC+ projects rising oil demand, especially in summer
    Headlines

    Putin: OPEC+ projects rising oil demand, especially in summer

    Published by Global Banking & Finance Review®

    Posted on June 27, 2025

    2 min read

    Last updated: January 23, 2026

    Putin: OPEC+ projects rising oil demand, especially in summer - Headlines news and analysis from Global Banking & Finance Review
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    Tags:oil and gasglobal economyenergy market

    Quick Summary

    OPEC+ forecasts rising oil demand this summer, with continued production hikes. Putin addresses European sanctions and their impact.

    Putin Highlights OPEC+ Forecast for Increased Summer Oil Demand

    MOSCOW (Reuters) -Russian President Vladimir Putin said on Friday the OPEC+ group of leading oil producers including Russia projects rising global demand especially in the summer months, in comments suggesting the bloc may continue with large output hikes.

    The Organization of the Petroleum Exporting Countries and its allies, led by Russia, shocked oil markets in April by agreeing a bigger-than-expected output rise for May despite weak prices and slowing demand.

    OPEC+ has since decided to continue with hikes above what was planned.

    "The volumes of crude oil and oil products consumed in the world are rising due to the growth of the economy itself," Putin said at a televised meeting with reporters.

    "Production is increasing only in the volume that we agreed upon within the framework of OPEC+, and it is designed for increasing demand, especially in the summer," he said.

    Putin also addressed Europe's plans to tighten sanctions against Russia, including cutting the price cap for Russian oil to $45 per barrel from $60 per barrel.

    "The more the sanctions, the worse for those who introduce the sanctions," Putin said, adding it was impossible to "shut down" Russia's oil and that the sanctions will not have a significant impact on Russia.

    A group of eight OPEC+ countries which include Saudi Arabia, Russia, Kuwait, Iraq, the UAE, Kazakhstan, Oman and Algeria will meet online on July 6 to discuss their production policy.

    (Reporting by Vladimir Soldatkin; Editing by Alex Richardson and Aidan Lewis)

    Key Takeaways

    • •OPEC+ projects increased oil demand in summer.
    • •Russia and OPEC+ continue with output hikes.
    • •Putin comments on European sanctions impact.
    • •OPEC+ meeting scheduled for July 6.
    • •Global oil consumption rising with economic growth.

    Frequently Asked Questions about Putin: OPEC+ projects rising oil demand, especially in summer

    1What did Putin say about global oil demand?

    Putin stated that global demand for crude oil and oil products is rising due to economic growth, particularly during the summer months.

    2How is OPEC+ responding to the rising oil demand?

    OPEC+ has decided to continue with production hikes above what was initially planned to meet the increasing demand.

    3What are the implications of sanctions on Russian oil?

    Putin remarked that the sanctions imposed on Russia, including a price cap on oil, would ultimately harm those enforcing them, asserting that it is impossible to completely shut down Russia's oil production.

    4When is the next OPEC+ meeting scheduled?

    A group of eight OPEC+ countries is set to meet online on July 6 to discuss their production policy.

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