The World Could See A Record-Breaking Oil Supply Shock

The global oil market could lose 3 million barrels per day (bpd) of supply from Russia starting in April, as sanctions on banks and buyers’ reluctance to purchase Russian oil could result in the biggest oil supply crisis in decades, the International Energy Agency (IEA) said in its Oil Market Report for this month.   Since Russia invaded Ukraine at the end of February, the United States has banned imports of Russian energy while the UK is working to phase out its Russian supply by the end of the year. Even though Europe has not…