Putin: No need for OPEC+ to act despite Israel-Iran conflict impact on oil prices

Speaking at the St. Petersburg International Economic Forum (SPIEF) organised by Roscongress Foundation, Putin noted that oil prices have risen modestly, with Brent crude trading around $75 per barrel — up from approximately $65 before the escalation. However, he stressed that this increase remains within manageable levels.

“Of course, the current situation in the Middle East — the conflict between Iran and Israel has pushed prices higher,” said Putin.

“But in the opinion of our experts, the rise is not dramatic or alarming.”

Oil markets have reacted nervously to the conflict, particularly amid concerns over potential U.S. involvement and the impact on Iran’s oil exports. As the third-largest producer in OPEC, any disruption in Iran’s output could influence global supply dynamics.

Despite these risks, Putin said the OPEC+ alliance — which includes Russia and accounts for roughly half of global oil production — sees no need for immediate measures. “OPEC+ is already increasing output, but in a measured and gradual way,” he explained. “Our aim is to maintain market stability and ensure comfortable pricing.”

Putin concluded by saying that the bloc will continue to monitor developments but sees no urgent need for action at this stage.