Russia could lose 30% of its oil output within weeks, IEA warns
CNN
Russia could soon be forced to curtail crude oil production by 30%, subjecting the global economy to the biggest supply crisis in decades — that is, unless Saudi Arabia and other major energy exporters start pumping more.
The world's second-largest crude oil exporter could be forced to limit output by 3 million barrels per day in April, the International Energy Agency warned on Wednesday, as major oil companies, trading houses and shipping companies shun its exports and demand in Russia slumps. Russia was pumping about 10 million barrels of crude per day, and exporting about half of that, before it invaded Ukraine.
"The implications of a potential loss of Russian oil exports to global markets cannot be understated," the IEA said in its monthly report. The crisis could bring lasting changes to energy markets, it added.
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