Russian Oil Supply Drop to Double in May, Says IEA

Originally predicted to occur in April, The IEA expects sanctions on Russian-imported oil to fully take effect in May due to coronavirus lockdowns in China.

Noah Browning, Reuters

The impact of sanctions and buyer aversion on Russian oil will take full effect from May onwards, the International Energy Agency (IEA) said on April 13.

Countering that, expected lower demand in China, output increases from OPEC+ producers and beyond plus a record draw on emergency oil storage by the U.S. and its IEA member allies ought to prevent any sharp deficit, the agency said.

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