Economic impact: Energy watchdog does a U-turn, saying world can withstand loss of Russian oil supply

The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency said on Thursday, in a U-turn after it predicted a possible “global supply shock” in March.

The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency said on Thursday, in a U-turn after it predicted a possible “global supply shock” in March.