Russian President Vladimir Putin stated on Friday that the OPEC+ alliance —which includes Russia — operates on the assumption that global demand for oil is increasing.
His remarks signal continued support for the group’s coordinated production strategies amid evolving energy market dynamics, according to news agencies.
“Volumes of consumed oil and oil products are growing globally in connection with the growth of the economy proper. There is no way around.
“Volumes are growing, while production increases only in the volume we agreed upon within the OPEC+ framework. And it addresses the rising demand,” the Russian leader said.
Eight leading oil producing countries of OPEC+ may discuss further oil production increase at their meeting on July 6, Russian Deputy Prime Minister Alexander Novak said earlier today.
