Russia’s isolation following its invasion of Ukraine is deepening as the European Union and G7 nations contemplate tougher sanctions that include a full phase-out of oil imports from Russia. If agreed, these new embargoes would accelerate the reorientation of trade flows that is already underway and force Russian oil companies to shut in more oil wells, according to our latest Oil Market Report. Following a supply decline of nearly 1 million barrels a day in April, losses could expand to around 3 million barrels a day during the second half of the year.

Even so, steadily rising output elsewhere, coupled with slower demand growth, especially in China, is expected to fend off an acute supply deficit in the near term as countries around the world contend with an evolving global energy crisis.

Read the report's overview, including the latest data on OPEC+ countries’ production, and listen to the CNBC interview with Toril Bosoni, the head of our oil market team, about the report’s latest findings.

And explore our special topic page on the energy market impacts of Russia's invasion of Ukraine.