International sanctions on Russia aimed at depriving it of funds after it invaded Ukraine have so far had little impact on its oil exports, which in January were down by only 160,000 barrels per day (bpd) from pre-war levels. But around 1 million bpd of production will be shut in by the end of the first quarter, the IEA said, following a European ban on seaborne imports and international price cap sanctions. (Reporting by Noah Browning; editing by Jason Neely)
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By Noah Browning
LONDON, Feb 15 (Reuters) - China will make up nearly
half of this year's oil demand growth after it relaxed its
COVID-19 curbs, the International Energy Agency (IEA) said on
Wednesday, but restrained OPEC+ production could mean a supply
deficit in the second half.
"Supply from OPEC+ is projected to contract with Russia
pressured by sanctions," the Paris-based agency said in its
monthly oil report.
"World oil supply looks set to exceed demand through the
first half of 2023, but the balance could quickly shift to
deficit as demand recovers and some Russian output is shut in."
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