Fatih Birol said that even though currently there was no tightness in the energy market, there were uncertainties to watch out for, namely Chinese demand and Russian supply
International Energy Agency head Fatih Birol said on Thursday that energy markets could be tighter in 2023, adding he hoped prices would not rise further in order to ease the pressure on energy-importing developing countries.
“If Chinese economy rebounds this year, which many financial institutions expect, then we may see demand to be very strong and put pressure on the markets,” he said. The IEA overestimated the impact of Western sanctions on Russian oil export volumes at the start of the Ukraine invasion by a wide margin, saying oil markets could lose as much as 3 million barrels per day.
“Russia’s oil exports are declining now, as we have forecasted, and will decline further in the first quarter of this year and beyond,” he said, adding that Russian crude and products would continue to bought in Asia, specifically in India and in China.
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