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IEA Sees Russia Oil Output Nosediving in 2023 on Lack of Markets

  • Production next year could fall below 10 million barrels a day
  • India, China and Turkey may not be able to ramp up purchases

Russia may struggle to find new markets for its oil once a European import ban kicks in, potentially pushing the nation’s average output below 10 million barrels a day next year, according to the International Energy Agency.

Russia has redirected more than a million barrels a day to India, China and Turkey since many of its traditional customers fell away following the invasion of Ukraine, the agency said Tuesday. Yet flows to those countries have steadied recently, raising speculation they may not be able to ramp up imports further.