Russian President Vladimir Putin has endorsed OPEC’s optimistic forecast for global oil demand, underlining Russia’s commitment to continued energy cooperation with the organization.
His comments came during a meeting with OPEC Secretary General Haitham Al-Ghais at the St. Petersburg International Economic Forum.
“I agree with your expectations that demand for energy resources and oil will remain high,” Putin said, referencing OPEC’s projection that global oil consumption will reach 105.5 million barrels per day by end 2025. He added that this level of demand is expected to persist “for the foreseeable future.”
Putin praised OPEC’s non-politicized approach to energy cooperation and emphasized Moscow’s readiness to expand collaboration with the group in maintaining market balance and long-term stability.
In a statement to Kuwait News Agency (KUNA), Secretary General Haitham Al-Ghais highlighted the strength of the OPEC-Russia relationship under the Joint Declaration of Cooperation, noting Russia’s prominent role as a co-chair in OPEC+ ministerial meetings and the Joint Ministerial Monitoring Committee.
Al-Ghais described the OPEC-Russia Energy Dialogue as a “dynamic platform” that facilitates in-depth discussions, knowledge sharing, and forward-looking strategies on global energy markets.
He also thanked President Putin for Russia’s support during turbulent periods in global energy markets and emphasized the importance of continued coordination to navigate evolving market challenges.
The meeting between Putin and Al-Ghais comes amid heightened geopolitical tension, particularly the ongoing Israel-Iran conflict, which is contributing to market volatility. As a result, oil prices are climbing, with Kuwaiti crude rising by $1.93 to reach $76.17 per barrel, signaling increased demand and uncertainty in global energy supply chains.
The dialogue reinforces the crucial role of OPEC+ cooperation in managing market dynamics and ensuring energy security amid shifting global conditions.
