IEA says 3 mil bpd of Russian oil could be shut in from April as sanctions bite

• Lowers Q2 to Q4 forecast for world oil demand by 1.3 mil bpd
• Says emergency stocks released by IEA member countries will provide a welcome buffer
• If Iran deal is reached, exports could ramp up by around 1 mil bpd over 6 months
• Saudi Arabia, UAE show no willingness to tap into their reserves

The drop in Russian exports and demand if offset somewhat by slowing economies, with the lockdowns in China definitely not helping with the outlook either. It is going to take a few months for the oil market to sort itself out and for traders to get a grip on the geopolitical situation, so headline risks are still going to be key during the interim.

That will consequently also make it tougher than it already is for central banks to gauge the inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term outlook, with elevated energy prices proving to be a massive thorn in the side.