Russian Deputy Prime Minister Novak: We will increase oil production in April.

In a press conference held on Monday, Russian Deputy Prime Minister and former Energy Minister Alexander Novak stated to reporters that Russia will increase oil production in April, confirming that he believes the conditions in the global oil market have stabilized recently. Novak emphasized that his decision aligns with global demand forecasts, explaining that the demand for oil is on the rise, with Russia expecting global oil demand to increase by 1.4 million barrels per day by the year 2025, according to his country's estimates. Commenting on the potential impacts of recent decisions by U.S. President Donald Trump regarding tariffs on Canada, Mexico, and China, Novak affirmed that he sees a need to achieve a balance between producing and consuming countries.