LONDON, Feb 15 (Reuters) – The International Energy Agency (IEA) said on Wednesday that China will account for nearly half of the growth in oil demand this year after China eased its COVID-19 restrictions, but OPEC+ production But a ban could mean a reduction in supply. Second quarter.
“OPEC+ is forecast to contract with Russia under pressure from supply curbs,” the Paris-based agency said in its monthly oil report.
“World oil supply is set to exceed demand through the first half of 2023, but the balance could quickly turn into a deficit as demand recovers and some Russian production is curtailed.”
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 were only 160,000 barrels per day (bpd) below pre-war levels in January.
But about 1 million bpd of production will be shut by the end of the first quarter, the IEA said, following European restrictions on seaborne imports and international price cap restrictions.
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Reporting by Noah Browning; Editing by Jason Neely
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