Press review: Putin cites global economic shift as OPEC+ keeps steady pace of oil output

MOSCOW, June 8. /TASS/. Russia’s President Vladimir Putin said the ongoing transformation of the global economy and the rise of BRICS create new opportunities for Russia to strengthen its global economic position and technological sovereignty, OPEC+ countries agreed to continue gradually increasing oil production quotas for July, and Iran’s ambassador to Russia said Tehran was prepared to involve Russia in Middle East settlement talks. These stories topped Monday’s newspaper headlines across Russia.

Russia’s President Vladimir Putin said that one of the key themes of the plenary session of the St. Petersburg International Economic Forum (SPIEF-2026) was the structural transformation of the global economy. Russia views global turbulence not only as a threat, but also as a tremendous opportunity, and "in order to make the most of it, we strive to act quickly and pragmatically," the Russian leader stated during his speech. Experts told Vedomosti that amid the fragmentation of the global economy and the emergence of new centers of power, Russia has a 10-15 year period of opportunity to strengthen its economic position by expanding into developing markets, building alternative financial mechanisms with friendly countries, and maintaining independence in economic policymaking.

According to Putin, the vertical model built over decades and based on a limited circle of Western financial centers, logistics hubs, and reserve currencies ultimately proved to be an instrument of political pressure and unfair competition. In essence, "it was a deliberately created system of dependency and resource extraction," he emphasized. Having recognized these risks, most countries began developing their own technological solutions, creating alternative supply routes and institutions.

Over the past 25 years, the share of BRICS in global merchandise trade has doubled, reaching nearly a quarter of global exports, while intra-bloc trade has surpassed $1 trillion, Putin noted.

Against the backdrop of global fragmentation and a paradigm shift, Russia now has an opportunity to secure a new place in the world economy, according to Dmitry Belousov, Head of the Analysis and Forecasting of Macroeconomic Processes Department at the Center for Macroeconomic Analysis and Short-Term Forecasting. Russia has a window of opportunity lasting 10-15 years while the new system continues to take shape, he noted. For example, Russia can already occupy niches in the markets of developing countries, primarily in Africa and Asia. In addition, this creates an opportunity to reach agreements with friendl