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IEA now says there will be no oil shortage despite sanctions on Russia

The International Energy Agency (IEA) now says the world will not be left short of oil even with lower output from sanctions-hit Russia, in a U-turn after it predicted a possible global supply shock in March.
 
The IEA, after warning on March 16 that three million barrels per day could be shut in from April, lowered that figure for a second time as it noted only one million barrels per day had gone offline.
 
The agency says production ramping up elsewhere and slower demand growth due to China's lockdowns will forestall a big deficit.


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