OPEC+ Projects Rising Oil Demand Amid Global Economic Growth

Russian President Vladimir Putin emphasized that OPEC+ projects rising global oil demand particularly in the summer months. Despite initial market shock, OPEC+ continues with higher than expected output hikes. Putin criticized European sanctions against Russian oil, insisting they would have minimal impact on Russia.

Russian President Vladimir Putin emphasized on Friday that the OPEC+ coalition, which includes Russia, anticipates a rise in global oil demand, especially during the summer. This statement suggests the organization may persist with significant output increases.

In April, the Organization of the Petroleum Exporting Countries and its allies, led by Russia, surprised oil markets by agreeing to a larger-than-expected output increase for May, despite low prices and declining demand. Since then, OPEC+ has decided to maintain output hikes above their initial plans.

Addressing Europe's attempts to reinforce sanctions against Russia, including a proposal to lower the price cap on Russian oil from $60 to $45 per barrel, Putin argued that sanctions would backfire on those implementing them, asserting that they won't substantially impact Russia.

(With inputs from agencies.)