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.

Russia has increased oil production despite facing Western sanctions, highlighting the effectiveness of its workarounds to circumvent restrictions.

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.

Chinese refiners are being offered Russian ESPO crude cargoes at lower prices as growing concern around US sanctions increase logistical and administrative hurdles, putting off buyers.

The oil tanker Cordelia Moon, carrying crude from a Russian producer, has come under US sanctions and has been drifting off India's west coast for two days, according to Bloomberg. The Cordelia Moon was scheduled to unload at Vadinar Port on February 9,