Global oil prices have been pulled higher by a tighter supply outlook after sanctions against Russia – the world’s second-largest oil exporter and a key European supplier – over its invasion of Ukraine, which Moscow calls a “special operation.” However, a softer global economic outlook and continuing coronavirus lockdowns in China have hurt demand in the world’s top crude importer and are weighing on prices.

On the supply side, the Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, produced 1.45 million barrels per day (bpd) below its production target in March as Russian output began to decline after sanctions imposed by the West, a report from the producer alliance showed. Various outages added to concerns about supply. OPEC member Libya has been forced to shut in 550,000 bpd of output because of a wave of blockades on major oilfields and export terminals, the country’s National Oil Corporation (NOC) said on Wednesday.

In the United States, crude stocks fell by 4.5 million barrels last week, according to market sources citing American Petroleum Institute figures on Tuesday.

The European Commission is working to speed up availability of alternative energy supplies to try to cut the cost of banning Russian oil and persuade Germany and other reluctant EU nations to accept the measure, an EU source told Reuters.

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