Reuters :
Three million barrels per day (bpd) of Russian oil and products may not find their way to market beginning in April in the wake of its invasion of Ukraine, the International Energy Agency (IEA) said on Wednesday, as sanctions bite and buyers hold off.
Rising commodity prices and sanctions on Russia “are expected to appreciably depress global economic growth” and impact inflation, said the Paris-based IEA, offering a bleak picture of undersupply and uncertainty for the oil market.
It was the first monthly report on oil from the IEA, which represents 31 mostly industrialised nations but not Russia, since Russia’s invasion of its neighbour briefly sent Brent crude to nearly $140 a barrel. “We see a reduction in total (Russian) exports of 2.5 million bpd, of which crude accounts for 1.5 million bpd and products 1 million bpd,” the IEA said in its monthly oil report. Additionally, it projected lower Russian domestic demand for oil products. “These losses could deepen should ban or public censure accelerate,” the Paris-based IEA said. Russia exports 7 million to 8 million barrels of crude and products daily.
