[London, 16th Archyde.com]–The International Energy Agency (IEA) said on the 16th that 3 million barrels of Russian oil and petroleum products may not be on the market after April due to sanctions associated with the invasion of Ukraine. I showed the view.
In a monthly report, the IEA predicts that rising commodity prices and sanctions on Russia will significantly slow global economic growth and affect inflation. “We expect a total decrease of 2.5 million barrels (from Russia), with 1.5 million barrels of crude oil per day and 1 million barrels of products per day.”
Demand for petroleum products in Russia is also expected to decline. The IEA said, “If bans and public criticism increase, the rate of decline may increase further.”
Russia’s daily crude oil and product exports are 7-8 million barrels.
The IEA has lowered its global oil demand forecast for the second and fourth quarters of 2022 by 1.3 million barrels per day. For full-year demand, the forecast for growth is expected to be lowered by 950,000 barrels a day to 2.1 million barrels, with an average daily amount of 99.7 million barrels.
This will be below the pre-epidemic level of the new coronavirus for the third consecutive year. The IEA has traditionally expected a 22-year recovery.
The IEA does not expect that increased production in the United States and Canada will solve the global supply shortage, and said that the supply shortage in the second quarter will be 700,000 barrels a day.
It is said that the stockpile level of the Organization for Economic Co-operation and Development (OECD) countries in January was the lowest level since April 2014.