Posted 1 февраля 04:45

Published 1 февраля 04:45

Modified 1 февраля 07:33

Updated 1 февраля 07:33

The IEA predicted a reduction in oil production in Russia by 1 million b/ d

1 февраля 2023, 04:45
This can lead to volatility in the oil markets.

According to the International Energy Agency, Russia may start producing 1 million b/d less oil this year. During a seminar at the Washington Center for Strategic and International Studies, IEA Director Fatih Birol indicated that production in the United States will grow by the same indicator this year.

The growth of the Chinese economy will also be a key factor influencing the volatility of oil markets. Last year, fuel consumption in China fell for the first time in four decades, although Beijing remains the main importer of oil and LNG in the world. If China's economy continues to recover, then oil markets will begin to feel pressure.

Recall that from today, retaliatory measures have come into force against the ceiling of prices for Russian oil introduced by the "Big Seven" and the European Union. From this day on, it is prohibited to sell fuel if a price limit is provided for in the contracts for its supply. To date, the price ceiling is $60 per barrel, but not all European countries are satisfied with this. For example, Poland, Lithuania and Estonia demand to lower the indicator to $40-50.