Global oil market ‘highly’ unstable, closely monitoring situation: Kremlin

07/04/2025 Argaam

The global oil market is currently highly unstable and Russia is closely monitoring the decline in oil prices triggered by the panic over US President Donald Trump's tariff policies, Kremlin spokesperson Dmitry Peskov said.

 

In a press briefing reported by Agence France-Presse (AFP), Peskov said that Russian authorities are closely observing the situation and doing their utmost to minimize the impact of global turmoil on the Russian economy.

 

He added that the drop in oil prices is linked to the US decision to impose tariffs on all countries, raising concerns about a global slowdown and US economic growth, ultimately reducing demand for crude oil.

 

The 10% US tariffs came into effect on April 5, while specific tariffs imposed on certain countries are set to take effect on April 9.

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