Russian President Vladimir Putin said on Friday the OPEC group of leading oil producers, including Russia projects rising global demand especially in the summer months, in comments suggesting the bloc may continue with large output hikes.
The Organisation of the Petroleum Exporting Countries and its allies, led by Russia, shocked oil markets in April by agreeing a bigger-than-expected output rise for May despite weak prices and slowing demand.
OPEC has since decided to continue with hikes above what was planned.
The volumes of crude oil and oil products consumed in the world are rising due to the growth of the economy itself, Putin said at a televised meeting with reporters.
Production is increasing only in the volume that we agreed upon within the framework of OPEC, and it is designed for increasing demand, especially in the summer, he said.
