Resilience in the Russian Oil Market Amid Sanctions

Russian oil production slightly increased despite U.S. sanctions, according to the International Energy Agency (IEA). The IEA noted the market's adaptability, while predicting a higher growth rate for non-OPEC+ supply. The global demand, fueled by China, faces challenges from economic concerns and trade tensions.

The resilience of the Russian oil market is under the spotlight as production has slightly increased, according to the latest findings from the International Energy Agency (IEA). This development comes despite a fresh wave of U.S. sanctions imposed on the country.

Russian crude production rose by around 100,000 barrels per day, reaching 9.2 million barrels daily, the agency reported. The IEA noted that oil markets continue to demonstrate remarkable resilience and adaptability to major challenges.

Despite the potential for disruption highlighted by the IEA, oil prices initially rose, only to recede due to broader economic concerns. Meanwhile, the agency forecasted that non-OPEC+ supply growth will outpace global demand, driven by rising production in the Americas and changes in Chinese oil demand driven by its petrochemical sector.

(With inputs from agencies.)