The International Energy Agency clarified in its monthly report published on Thursday, February 13, that Russian oil production increased slightly in January, despite the latest round of U.S. sanctions on the country's oil and shipping sectors. The agency noted that the sanctions temporarily raised oil prices, but these gains faded due to growing concerns about the global economy. The agency indicated that the sanctions contributed to raising oil prices by $8 to their highest levels in five months in mid-January. However, those gains almost disappeared by the end of the month due to increasing worries about the global economy and the potential implications of trade wars. Regarding global oil supply, it declined by 950,000 barrels per day in January, reaching 102.7 million barrels per day. However, the agency pointed out that the supply is still 1.9 million barrels per day higher than it was last year. The International Energy Agency revealed that global oil demand growth is expected to register 1.1 million barrels per day in 2025. It noted that China will maintain its position as the largest driver of demand growth, primarily driven by the petrochemicals sector.
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