BENGALURU, India :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.China, the world's largest crude importer and No. 2 buyer of liquefied nat
BENGALURU, India :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.
"We expect about half of the growth in global oil demand this year will come from China," Birol told Reuters on the sidelines of the India Energy Week conference."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 said.
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. Separately, Birol said price caps on Russian oil likely cut Moscow's revenues from oil and gas exports by nearly 30 per cent in January, or about $8 billion, compared to a year before.
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