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.
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