In U-turn, IEA sees world weathering lost Russian oil supply

The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said on Thursday, in a U-turn after it predicted a possible “global supply shock” in March.

The IEA, after warning on March 16 that 3 million barrels per day (bpd) could be shut in from April, lowered that figure for a second time as it noted only 1 million bpd had gone offline.

Production ramping up elsewhere and slower demand growth due to China’s lockdowns will forestall a big deficit, the Paris-based IEA said.