Lates News

IEA's monthly report shows a "significant downside risk" in its outlook for Russian oil production, but it is not estimating specific impacts until more details on implementation are seen. The IEA stated that recent U.S. sanctions on Russian oil companies "may have the most profound impact on the global oil market to date. While Russian crude flows remain largely unchanged at present, the dismantling of the global value chains of Russian oil companies and Lukoil brings risks far beyond Russia's borders." Finally, the IEA maintained its estimate of Russian average daily production of 9.3 million barrels of oil for this quarter and next year. It stated that it will maintain this outlook until more details on implementation and potential mitigation measures become clear.