China demand must remain weak or we’ll have big trouble in the oil markets, IEA chief says

China demand must remain weak or we’ll have big trouble in the oil markets, IEA chief says

The executive director of the International Energy Agency spoke of the current challenges facing global oil markets on Monday, highlighting the significant influence Chinese demand could have over the next few months. in Davos, Switzerland, Fatih Birol painted a stark picture of the current situation, describing oil prices as being "very high."  "They are risky for economic recovery around the world, but especially in the importing countries in the emerging world," he said. "It's a big risk, together with the food prices being very, very high, and I think that it may well trigger us, the world … step by step to a recession." With geopolitical tensions elevated following Russia's invasion of Ukraine and continued concerns about supply casting a shadow over oil markets, currently sits at around $113 a barrel. Looking ahead, Birol went on to lay out some of the challenges markets may face in the coming months. "I very much hope that the increase coming from [the] United States, from Brazil, Canada this year, [will] be accompanied by the increase coming from the key producers in Middle East and elsewhere," he said. "Otherwise, we have only one hope that we don't have big trouble in the