Russian oil supply drop to double in May, says IEA – Reuters

Russian oil supply drop to double in May, says IEA – Reuters

LONDON, April 13 (Reuters) - The impact of sanctions and buyer aversion on Russian oil will take full effect from May onwards, the International Energy Agency said on Wednesday.

Countering that, expected lower demand in China, output increases from OPEC+ producers and beyond plus a record draw on emergency oil storage by the United States and its IEA member allies ought to prevent any sharp deficit, the agency said.

Global demand is now expected to be balanced with supply in the second quarter at 98.3 million barrels per day (bpd), the agency added, with the potential to calm soaring energy price inflation. It had previously expected market balance to be next achieved in the fourth quarter.