The International Energy Agency said there’s “considerable downside risk” to its outlook for Russian crude production from US sanctions, but held back from estimating the impact until it sees more details on enforcement.
The US imposed its toughest ever energy sanctions on Moscow last month, blacklisting state-run Rosneft PJSC and privately owned Lukoil PJSC, the top two Russian oil producers. The restrictions are intended to reduce the Kremlin’s export revenue and bring President Vladimir Putin into the negotiations to end the war in Ukraine.
IEA Sees Big Downside Risks to Russia Oil Output From Sanctions
