IEA: Large Scale Oil Supply Disruptions Are Looming

There are likely to be large-scale oil supply disruptions because of the sanctions that could reduce Russian oil exports, the International Energy Agency said in its March Oil Market Report published on Wednesday. The agency also forecast that global oil demand growth will decline due to a slowdown in economic growth driven by the latest surge in commodity prices and Western sanctions against Russia. “From April, 3 mb/d of Russian oil output could be shut in as sanctions take hold and buyers shun exports,” the IEA said in its latest…