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Putin: OPEC+ Projects Rising Oil Demand, Especially in Summer

Vladimir Putin, the Russian president, said that the OPEC+ bloc of major oil producers includes Russia and projects a rising global demand in particular in the summer months.

In April, the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia shocked the oil markets by agreeing to a larger-than-expected increase in output for May, despite low prices and a slowing of demand.

OPEC+ decided to increase prices above the planned levels.

The growth in the global economy is causing the consumption of crude oil and petroleum products to increase. This was Putin's statement at a meeting with journalists on televised.

He said, "The production is only increasing in the volume we agreed on within the framework of OPEC+ and it's designed to increase demand, especially during the summer."

Putin also spoke about Europe's plans for tightening sanctions against Russia. This includes cutting the price of Russian oil from $60 per barrel to $45 per barrel.

Putin stated that sanctions would have little impact on Russia and the more sanctions they imposed, the worse it will be for the people who introduced them. He also said that Russia's oil could not "be shut down".

On July 6, a group of eight OPEC+ nations, including Saudi Arabia, Russia and Kuwait, will discuss their policy on production online. (Reporting and editing by Alex Richardson, Aiden Lewis, and Aiden Lewis).

(source: Reuters)