International oil prices fell by more than $2, trapped by two major negative factors, and there are loopholes in sanctions against Russia

On Monday (April 11), international oil prices fell by more than $2 per barrel, as former global consumers announced plans to release record amounts of crude oil and oil products from strategic reserves, and China continued to implement anti-epidemic lockdown measures
.
However, it is unclear whether this can fully offset the Russian oil supply
cuts.
India is buying heavily discounted Russian oil
.

On Monday (April 11), international oil prices fell by more than $2 per barrel, as former global consumers announced plans to release record amounts of crude oil and oil products from strategic reserves, and China continued to implement anti-epidemic lockdown measures
.
However, it is unclear whether this can fully offset the Russian oil supply
cuts.
India is buying heavily discounted Russian oil
.

At 15:34 Beijing time, NYMEX crude oil futures fell 2.
63% to $95.
71 per barrel; ICE Brent crude futures fell 2.
36% to $100.
36 a barrel
.

The market has been watching the situation
in China.
Under the "dynamic zero" strategy, China continues to impose lockdowns on Shanghai
, which has a population of more than 25 million.
China is the world's largest oil importer.

Members of the International Energy Agency (IEA) will release 60 million barrels of reserve crude over the next six months, and the United States will release the same amount as part of the 180 million barrels it announced in March
.
These moves are aimed at offsetting the impact of
reduced crude oil supplies from Russia due to severe sanctions.

ANZ research analysts said in a note that even if oil prices are around $100 a barrel, the news could prevent producers, including the Organization of the Petroleum Exporting Countries (OPEC) and U.
S.
shale producers, from accelerating production
increases.

"We expect the volume of these Strategic Petroleum Reserves (SPRs) – totaling about 273 million barrels, equivalent to 1.
3 million b/d over the next six months – to more than offset the 1 million b/d Russian oil supply
we expect to permanently reduce in the short term," JPMorgan analysts said in a note.
”

However, it is unclear whether this will fully offset reduced Russian oil supplies as exports continue
.
The United States has made it clear that it does not want to see India increase its imports of Russian energy
.
The White House said President Biden will hold a virtual meeting
with Indian Prime Minister Narendra Modi on Monday.

India's fuel demand rose 4.
2 percent in March to a three-year peak
compared with a year earlier, data released by India's oil planning and analysis team on Monday.
Total fuel consumption was 19.
41 million tons
.

Tempted by deep discounts after Western sanctions on Russian entities, India has bought at least 13 million barrels of Russian crude
since late February.
In comparison, imports for the whole of last year were just 16 million barrels
, according to data compiled by the agency.