Price caps hit Russia’s export revenue by about US$8 billion in Jan: IEA

PRICE caps on Russian oil likely hit Moscow’s revenues from oil and gas exports by nearly 30 per cent in January, or about US$8 billion, from a year ago period, International Energy Agency (IEA) chief Fatih Birol said on Sunday (Feb 5).

He said the growth in global oil demand this year will come from China and that may need Organization of the Petroleum Exporting Countries and its allies 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 “exploding” demand for jet fuel in China. REUTERS