The International Energy Agency (IEA) has warned that the world could face its biggest oil supply shock in decades because of sanctions imposed on major crude exporter Russia over its conflict with Ukraine. In its monthly report, the Paris-based energy monitor lowered its forecast for international oil demand in 2022 by nearly one million barrels per day to over two million barrels per day. It said surging commodity prices and sanctions on Russia are expected to slow down global economic growth.