Russian oil output is set to fall 1.4 million barrels per day next year after a European Union ban on seaborne exports of Russian crude comes into effect, the International Energy Agency said on Tuesday.
“A proposed oil price cap may help alleviate tensions, yet a myriad of uncertainties and logistical challenges remain … the range of uncertainty has never been so large.” This means the EU will need to replace 1 million bpd of crude and 1.1 million bpd of oil products, with diesel especially scarce and expensive with prices 70 per cent higher than this time last year helping to fuel global inflation, the IEA said.
🤣 propaganda rag at it again. EU is suffering not Russia
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