IEA says 3 mln bpd of Russian oil could be shut in next month

The International Energy Agency said on Wednesday that three million barrels per day of Russian oil and its products may not reach the market by the beginning of April, in the wake of Russia’s invasion of Ukraine.

“Of the cutback, we see a reduction in total exports of 2.5 million bpd, of which crude accounts for 1.5 million bpd and products 1 million bpd,” the IEA said in its monthly oil report.

Additionally, it projected lower Russian domestic demand for oil products.

“These losses could deepen should bans or public censure accelerate,” the Paris-based agency said.