Head of International Energy: The world will still need Russian oil

International Energy Agency head Fatih Birol said on Tuesday the world will still need an inflow of Russian oil at an encouraging level of 80 to 90 percent to meet demand despite a price ceiling, noting during an International Energy Week conference in Singapore about the shortage liquefied natural gas markets. Around the world, major oil producers are cutting supplies, putting the world at the epicenter of “the first truly global energy crisis.” During the International Energy Week conference in Singapore, Borrell added that there are many details to be agreed on regarding the cap on Russian oil prices, which is aimed at reducing Moscow’s oil revenues in response to its invasion of Ukraine. The spokesperson also said the IEA expects to increase its renewable energy capacity by nearly 400 gigawatts in 2022, up 20 percent from last year. On the other hand, the head of the agency explained that the current energy crisis could be a turning point in the history of the world economy to accelerate their clean sources and form a sustainable and secure energy system. He emphasized that “energy security is the first engine of the energy transition.”