Russian oil supply to fall by 3M bpd from May - IEA

Sanctions and self-imposed embargoes will severely affect Russian oil output, with a loss of 3 million bpd since March, as published by the International Energy Agency (IEA) on Wednesday.

On the other hand, there are no indications that, for the time being, the volume of Russian crude destined for China has increased. The latter added to the lockdowns to prevent the spread of coronavirus, and the lower-than-forecast demand, caused the IEA to revise its global oil demand forecast for the year by 260,000 bpd.

Besides, the agency forecasts that there will be a marked impact on inflation and economic growth. However, "the current crisis comes with major challenges for energy markets, but it also offers opportunities," emphasized the IEA.

Baha Breaking News (BBN) / JG