Business

Russia’s oil and products worth 3 million barrels a day could be out of the market since April, according to the International Energy Agency.


The IEA says 3 billion bpd of Russian oil could be closed next month

LONDON:

Russia’s oil and commodity prices could reach three million barrels (bpd) a day in April as a result of the invasion of Ukraine, the International Energy Agency (IEA) said on Wednesday, as sanctions are being held and buyers are holding back. .

“We see a reduction in exports of 2.5 million bpd, of which crude is 1.5 million bpd and products one million bpd,” the IEA said in a monthly oil report.

He also predicted lower domestic demand for Russian oil products.

“These losses could be deepened if bans or public censorship were to be accelerated,” the Paris agency said.

The IEA lowered its world oil demand forecast for the second and fourth quarters of 2022 by 1.3 million bpd, raising commodity prices and punishing Russia “will significantly reduce global economic growth” and affect inflation.

Its year-over-year growth forecast fell to 950,000 bpd to 2.1 million bpd, an average of 99.7 million bpd.

This would mean a third year of pandemic demand below pre-stage levels.



Source link

Agrasmartcity

Welcome to India's Largest news platform, I assure you that we daily update on Global news which helps you to grow your knowledge.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button
AllEscortAllEscort