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By The IEA is now forecasting that 1 million barrels per day
(bpd) was lost in April, compared to 1.5 million bpd predicted
last month and 3 million forecast in March as some refiners in
Production ramping up elsewhere and slower demand growth due
to "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 assessment by the "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, adding that
curbs aimed at containing COVID-19 in Reflecting slower products exports and falling domestic demand, around a million barrels per day (bpd) of Russian oil was shut in last month - about half a million bpd less than the agency forecast last month. The IEA sees that figure rising to 1.6 million bpd in May, to 2 million in June and to nearly 3 million from July onwards if sanctions deter further buying or expand. Russian exports rebounded in April by 620,000 bpd from the
month before to 8.1 million bpd, the IEA said, back to their
January-February average as supply was rerouted away from As it works on a ban on Russian oil, the European Union remained the top market for Russian oil exports last month, the IEA said, down just 535,000 bpd from the start of the year. The bloc now accounts for 43% of Russian oil exports, down from around 50% then. (Reporting by
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