Putin: OPEC+ alliance gradually increases oil production, we don’t see any need for its intervention

Russian President Vladimir Putin said that “the situation in the Middle East has led to a rise in oil prices, but not a significant one,” in light of the escalating war between Iran and Israel, which has entered its second week.

He added that OPEC+ is gradually increasing oil production, and we don’t see any need for OPEC+ intervention yet.

Putin emphasized that the Russian economy has grown over the past few years despite the difficult external environment, noting that the oil and gas sectors no longer have a significant contribution to this growth.

In a speech at the 28th St. Petersburg International Economic Forum on Friday, Putin said that the idea of ​​the Russian economy’s dependence on commodities is “outdated,” emphasizing that economic growth is noticeable in almost all major sectors, including military defense, agriculture, services, construction, information technology, and finance.

The Russian president noted that military defense plays an important role, but emphasized that it is not the only factor supporting GDP growth.