Birol: Price Caps Hit Russia’s Export Revenue

Price caps on Russian oil likely hit Moscow’s revenues from oil and gas exports by nearly 30% in January, or about US$8 billion, from a year ago period, International Energy Agency chief Fatih Birol said on Sunday.

He said the growth in global oil demand this year will come from China and that may need the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, to look at their output policies.

“And now this year Chinese economy is rebounding...this is putting upward pressure on the demand,” he said referring to the ‘exploding’ demand for jet fuel in China.