Oil prices inched up on Monday after falling 8% last week to more than three-week lows as concerns that slower growth in major economies may limit fuel consumption outweighed signs of a demand recovery in China, the world's top oil importer.
The IEA expects half of global oil demand growth this year will come from China, where Birol said jet fuel demand was surging.
"If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their policies," Birol told Reuters on the sidelines of a conference in India. "We are not seeing any big evidence of a China domestic demand rebound yet, though mobility numbers are encouraging. Hence, concerns about central banks' rate hike cycles and higher for longer interest rates remains the key drag on oil prices after falling more than 7% last week," said Suvro Sakar, lead energy analyst at DBS Bank.
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