Alexander Novak stated that oil prices have nearly doubled and suggested that new Russian supply is already impacting the market. The magnitude of the price increase and the specific effects attributed to Russian output are assertions made by Novak and have not been independently verified.

Russian Deputy Prime Minister reported that OPEC and OPEC+ ministers discussed elevated global transport, freight, and insurance costs during a meeting in Riyadh. He stated that these expenses had increased five- to tenfold on specific routes, though independent verification of these figures was not immediately available.

According to the Deputy Prime Minister, current supply levels are expected to be sufficient to support the completion of all seasonal agricultural activities. This assessment, however, remains a single-source claim and has not been independently verified.

Russian Energy Minister Alexander Novak stated that the development creates a significant imbalance between supply and demand, which he said is causing market volatility.