KONTAN.CO.ID - LONDON. Global oil output was already hard pressed to meet the sharp rebound in economic activity in the wake of the COVID pandemic - then came Russia's invasion of Ukraine. The International Energy Agency on Tuesday said sanctions and wary buyers were set to take 3 million barrels of Russian oil and products off the market, setting back hopes of a cooling of commodity prices that have sent inflation to multi-decade highs. "The prospect of large-scale disruptions in Russian production due to wide-ranging sanctions as well as decisions by companies to shun exports after Moscow’s invasion of Ukraine is threatening to create a global oil supply shock," the IEA said.
Russian Supply Blow Shakes Global Oil Output Picture
KONTAN.CO.ID - LONDON. Global oil output was already hard pressed to meet the sharp rebound in economic activity in the wake of the COVID pandemic - then came Russia's invasion of Ukraine. The International Energy Agency on Tuesday said sanctions and wary buyers were set to take 3 million barrels of Russian oil and products off the market, setting back hopes of a cooling of commodity prices that have sent inflation to multi-decade highs. "The prospect of large-scale disruptions in Russian production due to wide-ranging sanctions as well as decisions by companies to shun exports after Moscow’s invasion of Ukraine is threatening to create a global oil supply shock," the IEA said.