Oil producers may have to reconsider their output policies following a demand recovery in China, the world's second-largest oil consumer, the International Energy Agency's Executive Director Fatih Birol said on Sunday.
Producer group OPEC+ angered the United States and other Western nations in October when it decided to cut output by 2 million barrels a day from November through 2023, instead of pumping more to cut fuel prices and help the global economy as the U.S. advised.
Birol said he hoped such a situation does not repeat, and that OPEC+ - which includes members of the Organization of the Petroleum Exporting Countries and allies such as Russia - will return to a constructive role in the market as demand improves.the group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place.
Separately, Birol said price caps on Russian oil likely cut Moscow's revenues from oil and gas exports by nearly 30% in January, or about $8 billion, compared to a year before.$100 per barrel price cap on dieselThis followed a similar measure they implemented on Dec.
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Price caps hit Russia's export revenue by about $8 billion in Jan, IEA official saysPrice caps on Russian oil likely hit Moscow's revenues from oil and gas exports by nearly 30% in January, or about $8 billion, from a year ago period, International Energy Agency (IEA) chief Fatih Birol said on Sunday.
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