IEA: Russian Oil Output Resilient, But Could Drop With EU Embargo

Russian oil production and exports have been holding resilient in recent months, with much smaller declines than initially expected, the International Energy Agency (IEA) said on Thursday. But the agency’s report warned of a 20% drop in Russia’s production if its oil doesn’t find a home with Asian buyers when the EU embargo takes full effect in February 2023. In its Oil Market Report published today, the IEA revised its outlook for global oil supply for 2022 upward due to “more limited declines in Russian supply than previously…