Headlines
Putin: OPEC+ projects rising oil demand, especially in summer
Published by Global Banking & Finance Review®
Posted on June 27, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on June 27, 2025
2 min readLast updated: January 23, 2026
OPEC+ forecasts rising oil demand this summer, with continued production hikes. Putin addresses European sanctions and their impact.
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)
Putin stated that global demand for crude oil and oil products is rising due to economic growth, particularly during the summer months.
OPEC+ has decided to continue with production hikes above what was initially planned to meet the increasing demand.
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.
A group of eight OPEC+ countries is set to meet online on July 6 to discuss their production policy.
Explore more articles in the Headlines category
