Russia is confident that it will be able to restore in June oil production lost in March and April, with this month seen as “maximum recovery relative to previous levels,” Russian Deputy Prime Minister Alexander Novak told state TV channel Rossiya 24 on Thursday. “Our production fell slightly in March and April. It recovered to some extent in May. We see a bigger recovery in June,” Novak said, as carried by Russian news agency Interfax. “We are finding a point of equilibrium in the situation that is emerging due to restrictions, changes in logistics chains, and rising shipping costs. I think in June we will have the maximum recovery relative to previous levels,” the Russian official added. Speaking to Russian agency TASS on Thursday, Novak also warned that there could be a “huge deficit of petroleum products in the European Union” following the EU’s decision to ban seaborne imports […]