Oil market in Q2 2025

Increased oil production both within OPEC+ and outside it limits the potential for price growth in 2026 to an average of $64 per barrel. Demand growth is being driven by India, China, the Middle East, and Africa, while OECD countries continue to reduce oil consumption. Escalation in the Middle East and US trade policy are the main sources of volatility in the oil market. For Russia, the key tasks remain adapting logistics to sanctions and finding new channels for energy exports and implementing international projects in the fuel and energy sector.