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.
West Texas Intermediate rose 1.4% to settle above $73 a barrel, building on Monday’s 1.9% advance, which was the biggest in almost four weeks. Several million barrels from Russian platforms in the Pacific are stranded after the shuttle tankers that hauled them to China were blacklisted.
Transdniestria, a breakaway pro-Russian region of Ukraine’s neighbour Moldova, has agreed on a deal with a Hungarian company to buy natural gas under a loan provided by Russia.
Output fell to 8.962 million barrels a day last month, the people said, asking not to be identified because the information isn’t public. That’s 16,000 barrels a day below Russia’s target under the OPEC+ supply agreement.
Tough US sanctions on Russian oil are allowing the biggest Middle Eastern producers to raise prices for their main market by the most in years, and may help bring in additional petrodollars to meet crucial funding needs.