Published by Global Banking & Finance Review®
Posted on June 17, 2025
2 min readLast updated: January 23, 2026
Add as preferred source on GooglePutin's energy advisor emphasizes the need for more oil globally, with OPEC+ ready to adapt amid Middle East tensions and trade wars.
By Vladimir Soldatkin
MOSCOW (Reuters) -Russian President Vladimir Putin's energy point man said on Tuesday that there was a global need for more volumes of oil and that OPEC+ remained ready to be flexible if needed amid the conflict between Israel and Iran and a trade war.
Crude prices have jumped in recent days on concern of a major war in Middle East after Israel struck Iran, and U.S. President Donald Trump urged people to leave Tehran.
Russian Deputy Prime Minister Alexander Novak said that volatility had been sown in oil markets by the risk of supply disruptions through the Strait of Hormuz, the global economic recovery and the trade wars unleashed by Washington.
"Historically, affordable prices have provoked additional demand for oil with continued global fuel competition. And in general, there is a need for additional volumes of raw materials in the world," Novak told the Vedomosti newspaper in an interview.
OPEC+ countries, he said, were "in constant contact, monitoring the market situation and are ready to flexibly and promptly respond to any changes in market conditions."
"If necessary, the transaction parameters can be adjusted in the future to ensure an optimal supply and demand ratio," Novak was quoted as saying.
(Reporting by Vladimir Soldatkin; Writing by Felix Light; editing by Barbara Lewis/Guy Faulconbridge)
Russian Deputy Prime Minister Alexander Novak stated that there is a global need for more volumes of oil due to increased demand and competition.
Crude prices have surged recently due to concerns over a potential major war in the Middle East, particularly following Israel's strike on Iran.
OPEC+ countries are in constant contact and are prepared to flexibly respond to any changes in market conditions to maintain an optimal supply and demand ratio.
Novak indicated that oil market volatility is influenced by risks of supply disruptions, global economic recovery, and ongoing competition for fuel.
He noted that historically, affordable oil prices have led to increased demand due to ongoing global fuel competition.
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