Energy Agency: Russia’s oil production was not affected by the latest US sanctions economy

The International Energy Agency said today, Thursday, in its latest monthly report on the oil market that Russia can continue to export oil if it can reach alternative solutions to overcome the latest round of US sanctions after its production of crude increased slightly last month.

The Agency, based in Paris, stated that Russia’s production of crude oil increased by about 100,000 barrels per day last month to 9.2 million barrels per day, even after imposing comprehensive sanctions on its energy sector on January 10.

“Once after the other, the oil markets showed flexibility and a noticeable ability to adapt in facing major challenges, and things are unlikely to differ this time,” she added.

The agency said in its previous monthly report that the latest round of US sanctions may significantly disrupt Russian oil supply chains, but they have not changed their expectations until the most effective effect of these sanctions is clear.

She stated that the sanctions contributed to raising oil prices 8 dollars to the highest levels in five months in mid -January, but those gains almost faded by the end of the month due to the increasing concerns about the global economy and the potential repercussions of commercial wars.

The agency still expects oil supplies to grow from outside OPEC Plus faster than the global demand rate.

And you see that the increase in production in the Americas will lead to an increase in production from outside OPEC Plus by 1.4 million barrels per day this year compared to the expectations of demand for the growth of 1.1 million barrels per day, which exceeds the expectations of the previous month.

The agency stated that China still drives the growth of global demand for oil that depends on its petrochemical sector at a time when the Chinese demand slows the traditional transport fuel.

“By referring to the structural transformations that reshape the Chinese demand for oil, the consumption of the three most important fuel products, gasoline, kerosene and gas oil decreased slightly in 2024,” she added.

The last penalties

Last month, the administration of former US President Joe Biden imposed the widest package of sanctions targeting Russian oil and gas revenues, as part of pressure on Moscow to stop its war against Ukraine. Britain, in turn, announced the imposition of similar sanctions on the Russian oil sector at the time.

The Russian oil company, Gazprom, reduced the impact of the new sanctions imposed by the United States.

Gazprom said that she will continue to work and will maintain its continuity despite the penalties that she described as “unjustified, without legitimacy, and in violation of the principles of free competition.”

For its part, the Ingustrate company, which was also targeted by the sanctions, reported that it works normally and fulfills all its obligations to customers.

What is the nature of sanctions?

• The US Treasury Department said last month that it had imposed sanctions on:
• Gazprom and the Russian Surgutvaszzaz are one of the largest oil producers in Russia.
• 183 tankers used to ship Russian oil, many of them are among the so -called shadow fleet of old tankers occupied by non -Western companies.
• A large number of oil traders and oil field service providers.
• Russian energy sector officials.
• Two Russian companies working in the field of maritime insurance, Ingustrate and Alfrekovani Group.
• The Ministry of Treasury also canceled a substance that exempted brokers in energy payments from the sanctions imposed on Russian banks.