Oil market heads for ‘biggest supply crisis in decades’ with Russia’s exports set to fall, IEA says

Three million barrels per day of Russian oil output is at risk beginning in April as sanctions hit and buyers shun the nation’s exports, the International Energy Agency said Wednesday.

“The prospect of large-scale disruptions to Russian oil production is threatening to create a global oil supply shock,” the Paris-based firm said in its monthly oil report, adding that this could ultimately be the “biggest supply crisis in decades.”

“The implications of a potential loss of Russian oil exports to global markets cannot be understated,” the IEA added.

Russia is the third-largest oil producer behind the United States and Saudi Arabia. But Russia is the largest oil and products exporter in the…