Head of International Energy Agency (IEA) Fatih Birol stated on Tuesday, at the Singapore International Energy Week, that the world is still in need of Russian oil even with the price cap in place, APA reports citing Tele Trader.
Birol noted that 80% to 90% flow would be "an encouraging level" for the demand to be met. Talking about the price cap, he mentioned that many details remain to be "iron[ed] out."
Meanwhile, he shared that there is "still a huge amount of Strategic Petroleum Reserve oil stocks." Nevertheless, the IEA chief noted that further release of the aforementioned oil stocks "is not on the agenda."
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