Oil market situation does not require urgent reaction yet, price rise inconsiderable - Putin

ST. PETERSBURG. June 20 (Interfax) - The situation on the oil market does not yet need an urgent intervention, so far prices have grown inconsiderably, Russian President Vladimir Putin during a St. Petersburg International Economic Forum plenary session on Friday.

"Of course, we can see that today's situation in the Middle East, related to the conflict between Iran and Israel, has led to a certain price growth. But this growth, in the view of our experts, is not considerable. How much now? $75 per barrel. Was $65. It rose by $10 and flatlined," Putin said.

Many countries are capable of increasing oil production and global shipments, including to the Gulf states, but it is too early for that yet, he said.

"As a rule, we do this in coordination. I hope it will be so. And the United Arab Emirates is making a substantial contribution, and the Saudi crown prince is taking it very responsibly. Our decisions are always of a well-balanced nature. Together we shall all see how the situation will unfold. No urgent reaction is required yet," Putin said.

Several OPEC+ countries started gradually increasing their oil production, even before the escalation in the Middle East and long after voluntary cuts, he said.

"We have been very strictly honoring all our agreements in the framework of the work with our OPEC+ friends and partners. These countries are consciously restricting their production and energy supplies to the world market. Now, though, according to an existing agreement, production is being increased gradually, but gradually precisely not to create imbalances on the world market, in order to, strike, as we say in such cases, a balance between demand and supply and fair prices, which would be comfortable for both producer and consumer countries," Putin said.