Oil prices inched up in early trade on Monday after falling around 8% last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world's top oil importer.
He said depending on how strong that recovery is, the Organization of Petroleum Exporting Countries and allies, together called OPEC+, may have to reassess their decision to cut output by 2 million barrels per day through 2023.
"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 told Reuters on the sidelines of a conference in India.
"For the moment, the market expects non-EU countries will increase imports of refined Russian crude, thus creating little disruption to overall supplies," ANZ analysts said in a client note.Reporting by Sonali Paul in Melbourne; Editing by Kenneth Maxwell
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