The global oil market could lose up to 3 million barrels per day (mb/d) of supply from Russia from April due to bank sanctions and buyers quitting, potentially sparking the biggest oil crisis ever. oil supply in decades, according to the International Energy Agency (IEA).
“We see a reduction in total (Russian) exports of 2.5 million bpd, of which crude represents 1.5 million mb/d and products 1 million bp/d,” he said.
The agency assured that this contraction could push the oil market into a deficit unless the main producers increase production.
“The prospect of large-scale disruptions to Russia’s oil production threatens to create a global oil supply shock,” he noted.
In that sense, it cut its global oil demand forecast to 1.3 million bpd until the end of this year, which would result in growth 950,000 bpd slower for 2022 than was estimated in mid-February. Thus, the current projection was 99.7 million bpd by 2022.
Finally, the IEA emphasized that the immediate solution that could help compensate for the loss of Russian oil supply lies with the two most influential members of OPEC who, together with Russia, have managed supply to the market through the OPEC+ agreement for several years. years.
“Saudi Arabia and the United Arab Emirates, the only producers with substantial additional capacity, have so far shown no willingness to tap into their reserves,” he said.
Source: Larepublica
Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
