Bans and price caps targeting Russian oil are having the 'intended effect' despite surprisingly resilient exports in recent months, according to the International Energy Agency.
in March in response to the latest round of Western bans, amounting to around 5% of its latest crude output."This is included in our balances that still see the markets relatively well supplied through the first half of the year, so we're not too concerned about this decline, we think there's enough supply to meet demand for the coming months," she said.
The IEA said a pronounced uptick in air traffic in recent weeks highlighted the central role of jet fuel deliveries in 2023 growth. Oil deliveries are expected to surge by 1.1 million barrels a day to hit 7.2 million barrels a day over the course of 2023, with total demand hitting a record 101.9 million barrels a day.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russian banks and invasion leaders in focus as EU debates new sanctionsRepresentatives of the 27 European Union countries meet in Brussels on Wednesday to discuss a new batch of sanctions against Russia, with politicians, military leaders and four more Russian banks expected to be targeted.
Read more »
Thousands of Ukrainian children forced into vast Russian network of Russian camps, study findsRussia is running a sprawling network of camps as part of a systematic effort to relocate and re-educate thousands of children from Ukraine, according to a U.S. government-sponsored study.
Read more »
WTI recovers above $78 on upbeat IEA’s oil market reportIn its latest oil market report published on Wednesday, the International Energy Agency (IEA) said that China reopening will drive oil demand in 2023
Read more »
Oil Demand to be Driven by Asia This Year as China Reopens, IEA SaysThe energy watchdog raised its forecasts for oil demand this year to a record level, as China fueled a surge in air travel and Russian production remained surprisingly resilient to Western sanctions.
Read more »
IEA Raises Global Oil Demand Forecast AgainThe International Energy Agency raised its forecast for global crude oil demand for 2023 in its Oil Market Report for January.
Read more »
Resurgent China to drive 2023 oil demand, supply shortfall possible in H2 -IEAChina will make up nearly half of this year's oil demand growth after it relaxed its COVID-19 curbs, the International Energy Agency (IEA) said on Wednesday, but restrained OPEC+ production could mean a supply deficit in the second half.
Read more »