International Energy Agency warns of a shock to world markets due to reduced Russian oil exports

International

The International Energy Agency (IEA) has warned that reducing the Russian oil exports will lead to a shock as regards to global oil supply.

Reuters said in its weekly report issued on Wednesday “we expect a decline in the total Russian oil exports at 2,5 barrels per day, while 3 million barrels per day of Russian oil and its products may not reach the markets by the beginning of this April due to the military operation in Ukraine and these quantities may increase with the passage of time.”

Earlier, the Director of IEA urged oil producing countries to supply more crude oil to stabilize the markets that have been affected by the war in Ukraine. 

 Hamda Mustafa

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