LONDON, (Reuters) – Lower oil output due to Russia’s invasion of Ukraine won’t leave the world without it, according to the International Energy Agency (IEA). This is because supply increases elsewhere, and Chinese lockdowns reduce demand.

In its monthly oil report, the IEA stated that “Over time steadily increasing volumes from Middle East OPEC+ & the U.S. together with a slowdown of demand growth are expected to fend off a severe supply deficit amid a worsening Russian supplies disruption.”

Due to lower exports of products and falling demand in Russia due to sanctions, around half a million barrels per days (bpd), of Russian oil were closed down last month. That’s about half a Million bpd more than what the Paris-based agency predicted last month.

The IEA estimates that this figure will increase to 1.6 Million bpd in April, 2,000,000 in June, and almost 3,000,000 in July if additional buying is prohibited or expanded.

Nevertheless, Russian exports increased by 620,000 bpd over the previous month to 8.1 million bpd. The IEA stated that this is back to their average January-February level. Russian supply has been rerouted away to India from Europe and the United States.