IEA's Birol does not see major disruption from Russian oil product price cap

EU Commission President Ursula von der Leyen meets with Fatih Birol, Executive Director of the International Energy Agency, in Brussels
Fatih Birol, Executive Director of the International Energy Agency, attends a news conference in Brussels, Belgium, December 12, 2022. REUTERS/Johanna Geron

OTTAWA, Feb 1 (Reuters) - International Energy Agency (IEA) chief Fatih Birol said on Wednesday he does not expect major problems or disruptions from a European Commission proposal to set price caps on Russian oil products.

"There might be some transition difficulties, but we know that the second half of this year, a significant amount of new refinery capacity will come on line and we will see a lot of rerouting of the product around the world and as a result, I don't expect a major disruption," Birol told reporters in Ottawa.

Reporting by Steve Scherer in Ottawa; Writing by Ismail Shakil; Editing by Chris Reese

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