Russia's oil exports could be sustained if it finds workarounds to the latest U.S. sanctions package, the International Energy Agency (IEA) said on Thursday, as it forecast that growth in global oil supply would outpace demand this year.

Purchase of Russian oil by India refiners have been hit after Washington's sanctions last month targeting Russia's oil supply chain, which caused tanker freight rates to soar as some buyers and ports in China and India avoided sanctioned ships. Indian companies take delivery of oil at their import destination, not at the port of export, Jain said.

Concerns over supply constraints have supported oil prices, with Brent crude exceeding $80 per barrel in January before retreating below $75 following Trump's latest trade tariffs.

Russian oil exports could be sustained if workarounds to the latest U.S. sanctions package are found, after Russian crude production rose slightly last month, the International Energy Agency (IEA) said in its latest oil market report.

Russia's oil production may decrease due to U.S. sanctions affecting tanker access and Ukrainian drone attacks crippling refineries. With limited storage and falling exports, output cuts are likely. Russia's economic strain grows as global buyers demand non-sanctioned tankers and lower crude supply impacts revenue.

The International Energy Agency modestly raised its forecast for global oil-demand growth and said improved compliance with output quotas among members of the OPEC+ alliance is reducing a projected supply surplus in the market.

Fresh US sanctions on Russia’s oil exports have yet to impact supply, the International Energy Agency said on Thursday. “Fresh US sanctions on Russia and Iran roiled markets at the start of the year but they have yet to materially impact global oil supply,