Oil supplies are expected to struggle to keep pace with oil demand, says energy forecaster
Russia’s oil export revenues have roughly halved in the space of a year while its oil exports have remained largely unchanged, suggesting Western sanctions are taking effect and cutting Moscow’s income without restricting global oil flows, the International Energy Agency said Wednesday.
The Paris-based energy forecaster said that a year on from the start of the war in Ukraine—and after a barrage of Western sanctions that saw Russia’s biggest buyers in Europe turn their backs on Russian crude—Moscow had largely succeeded in finding new customers but at a sharp cost to its oil export income
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