Putin does not say an urgent need for key producers to help the oil market, says Putin | Einsmark news

(Bloomberg) – The global oil market so far is not asking for additional steps of producers amid the conflict between Israel and Iran, as the tension only had a limited impact on prices, according to Russia’s President Vladimir Putin. Many OPEC members, including the golf states, are able to step in and increase their production if necessary, but “we are doing it in a coordinated way,” Putin said Friday when asked if Russia was ready to stop the production to support the market in the midst of Middle East. “For the time being no immediate response is needed” of the alliance of the most important crude producers, Putin on the St. Petersburg International Economic Forum said. The organization of the petroleum exporting countries and its allies, including Russia, will continue to monitor market conditions, he said. The global oil market had a turbulent week, with futures swinging in a series of about $ 8, and volatility to the highest since 2022, as Israel and Iran exchanged several strikes. However, oil subsided after US President Donald Trump decided on whether he would strike Iran would be taken within two weeks. A report from Reuters that Iran is ready to discuss core enrichment restrictions, but it will not consider stopping completely, has also facilitated concerns about an imminent US strike. Eight OPEC countries increased their production higher than expected for three consecutive months. They will hold the next video conference on July 6 to consider a further increase in August. Saudi Arabia is eager to make more super-sized hikes to recover the market share as quickly as possible, people who are familiar with the case earlier this month said. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP