Russian oil supply drop to double in May: IEA
The full impact of sanctions and buyer aversion to Russian oil will take full effect from May onwards, the International Energy Agency said on Wednesday.
Still, lower demand amid a COVID-19 surge in China, output increases from OPEC+ producers and beyond along with the largest ever draw on emergency oil storage by the United States and its IEA member allies ought to prevent any sharp deficit, it said.
“For now, we assume (April) losses will grow to an average 1.5 million barrels per day (bpd) for the month as Russian refiners throttle back further and buyers shy away,” the Paris-based agency said in its monthly oil report.
