IEA Sees Muted Effects of New Russia Sanctions Amid Workarounds

(Bloomberg) —

The International Energy Agency has lowered its outlook for Russia’s oil production this year by only a narrow margin even with sweeping western energy sanctions, as the Paris-based organization expects the nation to come up with workarounds. 

As the US restrictions on two major Russian oil exporters and a significant part of the nation’s so-called shadow tanker fleet come into full effect later this month, “new deceptive shipping practices to sustain these lucrative exports and collateral disruptions for global shipping could undermine these efforts,” the IEA said in its monthly oil-market report.

Russia’s oil production in 2025 is now forecast at an average 9.25 million barrels a day, …