Sanctions on Russian oil are having the ‘intended effect,’ IEA says

• The European Union’s embargo on Russian oil products came into effect on Feb. 5, building on the $60 oil price cap implemented by the G-7 (Group of Seven) major economies on Dec. 5.
• China, India and Turkey in particular have ramped up purchases to partially offset a fall in Russian crude exports to Europe of 400,000 barrels a day in January.
• Russian net oil output was down by only 160,000 barrels a day from pre-war levels in January, with 8.2 million barrels of oil shipped to markets worldwide, according to the IEA’s oil market report.

https://www.cnbc.com/2023/02/16/sanctions-on-russian-oil-are-having-the-intended-effect-iea-says.html