Putin Says OPEC+ Sees Rising Oil Demand, Projects Higher Summer Consumption

Moscow, June 28, 2025 (Saudi Arabia Breaking News) – Russian President Vladimir Putin said on Friday that the OPEC+ alliance expects global oil demand to rise in the coming months, particularly during the summer season, indicating the group may maintain or expand planned production increases.

“The volumes of crude oil and oil products consumed in the world are rising due to the growth of the economy itself,” Putin said during 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.”

In April, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, surprised markets by announcing a larger-than-expected output hike for May despite weak prices and slowing demand forecasts. The group has since continued with supply increases above initial projections.

Putin also addressed Europe’s efforts to tighten sanctions against Russian energy exports, including a planned reduction of the oil price cap from $60 to $45 per barrel.

“The more the sanctions, the worse for those who introduce the sanctions,” Putin said, adding that it was impossible to “shut down” Russian oil and that the measures would not have a significant impact on the country’s exports.

Eight OPEC+ members—Saudi Arabia, Russia, Kuwait, Iraq, the United Arab Emirates, Kazakhstan, Oman, and Algeria—are scheduled to hold an online meeting on July 6 to review production levels and assess market conditions.