IEA Sees Russian Oil Output Slumping by a Quarter Next Month
- About 3 million b/d curtailed as buyers refuse Russian exports
- Agency also sees slower oil demand growth due to high prices
Source: Bloomberg
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Russia’s oil output may slump by about a quarter next month, inflicting the biggest supply shock in decades as buyers shun the nation’s exports following its invasion of Ukraine, the International Energy Agency said.
“The implications of a potential loss of Russian oil exports to global markets cannot be understated,” the Paris-based agency said in its monthly report on Wednesday. “While it is still too early to know how events will unfold, the crisis may result in lasting changes to energy markets.”