IEA sees world weathering lost Russian oil supply | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Sunday
July 13, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SUNDAY, JULY 13, 2025
IEA sees world weathering lost Russian oil supply

Global Economy

Reuters
13 May, 2022, 10:20 pm
Last modified: 13 May, 2022, 10:24 pm

Related News

  • IEA forecasts record nuclear electricity production in 2025
  • IEA expects record oil supply in 2024
  • Coal use to decline next year after record high in 2023: IEA
  • Oil investors to usher in 2024 amid oversupply, demand concerns
  • 'Geopolitical tension' a major threat to climate action: IEA chief

IEA sees world weathering lost Russian oil supply

Production ramping up elsewhere and slower demand growth due to China's lockdowns will forestall a big deficit, the Paris-based IEA said

Reuters
13 May, 2022, 10:20 pm
Last modified: 13 May, 2022, 10:24 pm
Photo: Reuters
Photo: Reuters

The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said on Thursday, after it cut its predictions for supply losses from the world's No.2 exporter for the second straight month.

The IEA is now forecasting that 1 million barrels per day (bpd) was lost in April, compared to 1.5 million bpd predicted last month and 3 million forecast in March as some refiners in Europe shun Russian crude ahead of a future import ban.

Production ramping up elsewhere and slower demand growth due to China's lockdowns will forestall a big deficit, the Paris-based IEA said.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

"Over time, steadily rising volumes from Middle East OPEC+ and the US along with a slowdown in demand growth is expected to fend off an acute supply deficit amid a worsening Russian supply disruption," the IEA said in its monthly oil report.

The assessment by the Paris-based agency suggests the economic impact from further sanctions on Russian energy mulled by the European Union could be limited.

"Soaring pump prices and slowing economic growth are expected to significantly curb the demand recovery through the remainder of the year and into 2023," the IEA said, adding that curbs aimed at containing Covid-19 in China were driving an extended economic slowdown there.

Reflecting slower products exports and falling domestic demand, around a million barrels per day (bpd) of Russian oil was shut in last month - about half a million bpd less than the agency forecast last month.

The IEA sees that figure rising to 1.6 million bpd in May, to 2 million in June and to nearly 3 million from July onwards if sanctions deter further buying or expand.

The United States and fellow IEA members pledged to release 240 million barrels of oil in their second tapping of emergency stores this year after the IEA sat out a US-led release in November because it saw no major supply disruption at the time. 

Russian exports rebounded in April by 620,000 bpd from the month before to 8.1 million bpd, the IEA said, back to their January-February average as supply was rerouted away from the United States and Europe, primarily to India.

As it works on a ban on Russian oil, the European Union remained the top market for Russian oil exports last month, the IEA said, down just 535,000 bpd from the start of the year.

The bloc now accounts for 43% of Russian oil exports, down from around 50% then.

Top News / World+Biz

IEA / International Energy Agency (IEA)

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Infograph: TBS
    From Gulf to Southeast Asia, why Bangladeshis are facing visa denials
  • A segment of the Jashore-Khulna Highway reveals its perilous state, worsened by recent rains. The road is now riddled with numerous potholes, creating significant hazards for both heavy vehicles and daily commuters. Photo: TBS
    Mud, potholes turn Jashore-Khulna highway into a traffic nightmare, businesses suffer
  • Infographic: TBS
    Dollar price plummets by Tk2.9 in a week as demand wanes

MOST VIEWED

  • Representational image
    In addition to 35% tariff, US demands 40% local value addition for 'Made in Bangladesh' goods
  • RAB Director General AKM Shahidur Rahman speaks at the press briefing on a fake bomb threat on Biman Bangladesh flight on Saturday, 12 July 2025. Photo: TBS
    Mother faked bomb threat on Biman flight to stop married son from flying with girlfriend: RAB
  • Screengrab blurred
    Killers bash in head of man with rock, stomp body with perverse pleasure
  • Photo: UNB
    Saima Wazed Putul ‘placed on indefinite leave’ from WHO role amid corruption allegations
  • How tender rules and a lone bidder stall a $2.5b power plant
    How tender rules and a lone bidder stall a $2.5b power plant
  • Bangladesh and US hold tariff talks on 11 July 2025. Photo: CA Press Wing
    Dhaka, Washington yet to agree on 20% of US tariff conditions: BGMEA

Related News

  • IEA forecasts record nuclear electricity production in 2025
  • IEA expects record oil supply in 2024
  • Coal use to decline next year after record high in 2023: IEA
  • Oil investors to usher in 2024 amid oversupply, demand concerns
  • 'Geopolitical tension' a major threat to climate action: IEA chief

Features

The 2020 Harrier's Porsche Cayenne coupe-like rear roofline, integrated LED lighting with the Modellista special bodykit all around, and a swanky front grille scream OEM Plus for the sophisticated enthusiast looking for a bigger family car that isn’t boring. PHOTO: Ahbaar Mohammad

2020 Toyota Harrier Hybrid: The Japanese Macan

18h | Wheels
The showroom was launched through a lavish event held there, and in attendance were DHS Motors’ Managing Director Nafees Khundker, CEO Imran Zaman Khan, and GMs Arman Rashid and Farhan Samad. PHOTO: Akif Hamid

GAC inaugurate flagship showroom in Dhaka

18h | Wheels
After India's visa restriction, China's Kunming is drawing Bangladeshi patients

After India's visa restriction, China's Kunming is drawing Bangladeshi patients

1d | Panorama
Photo: Collected/BBC

What Hitler’s tariff policy misfire can teach the modern world

2d | The Big Picture

More Videos from TBS

110 killed in Israeli strikes in Gaza

110 killed in Israeli strikes in Gaza

7m | TBS World
Why is there a mystery surrounding the death of 'Jalibi' actress Humaira?

Why is there a mystery surrounding the death of 'Jalibi' actress Humaira?

11h | TBS World
Why cockpit audio deepens the mystery of Air India crash

Why cockpit audio deepens the mystery of Air India crash

11h | Others
Housing officer shot in Pallavi for not paying bribe

Housing officer shot in Pallavi for not paying bribe

12h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net