No Urgent Need for Key Producers to Aid Oil Market, Putin Says

The global oil market so far does not call for any additional steps from producers amid the conflict between Israel and Iran as the tensions have had only a limited effect on prices, according to Russia’s President Vladimir Putin.

Many OPEC+ members, including the Gulf states, are able to step in and increase their production if needed, yet “as a rule, we do that in a coordinated manner,” Putin said Friday when asked if Russia is ready to hike output to support the market amid the Mideast conflict.