Crude oil prices surged again on Thursday as the International Energy Agency's warnings that three million barrels a day (bpd) of Russian oil and products could be shut in from next month alarmed markets. IEA warned that the implications of a potential loss of Russian oil exports to global markets cannot be understated.
In its flagship Oil Market report for the month of March, the intergovernmental agency opined that the prospect of large-scale disruptions to Russian oil production was threatening to create a global oil supply shock. Though OPEC+ is, for now, sticking to its agreement to increase supply by modest monthly amounts, only Saudi Arabia and the UAE hold substantial spare capacity that could immediately help to offset a Russian shortfall, the report stated.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.