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• The Paris-based firm said that Russia shut in 1 million bpd in April
The International Energy Agency (IEA) said on Thursday there will be enough oil supply in the world even with the sanctions imposed on Russia.
This comes after the Paris-based firm in March warned of a possible "global supply shock."
"Over time, steadily rising volumes from Middle East OPEC+ and the U.S. 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 IEA said that Russia shut in 1 million bpd in April, lower than the 3 million bpd warning the firm gave in March.
"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.
Curbs aimed at containing COVID-19 in China were driving an extended economic slowdown there, it added.
Picture Credits: Reuters
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