The IEA lowers its forecast for Russia’s oil production

The International Energy Agency said yesterday that it had lowered its forecast for Russia’s oil production, due to Ukrainian attacks on the energy infrastructure there.

Over the past few months, Ukraine has increased the frequency of its drone attacks on energy facilities, including oil refineries, in an effort to curb Moscow’s war efforts. The Paris-based agency stated in its monthly forecasts, “Continued attacks on refineries, storage facilities, and transportation infrastructure support weaker production expectations. Accordingly, we reduced our expectations for Russian supplies during the current and next years by 85,000 barrels per day and 150,000 barrels per day, respectively, to reach an average of 8.8 million barrels per day during the forecast period.”