The head of the International Energy Agency (EIA), Fatih Birol, He noted on Monday that Russia’s oil production had not fallen as much as expected because it managed to find new markets outside Europe and added that domestic demand remained strong, according to Reuters. “In the future, it would be difficult for Russia to maintain oil production due to the absence of Western companies,” Birol said.
Birol further noted that a further release of the strategic oil reserve was not off the table. He also reiterated that he stands by the EIA report suggesting that no new investment in oil and gas fields is needed if the world is to reach net-zero emissions by 2050.
market reaction
Oil prices eased slightly from session highs following these comments. The barrel of West Texas Intermediate (WTI) It is trading at $95.70, where it is up 3% on the day.
Source: Fx Street
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