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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