World still needs Russian oil to flow even with price cap - IEA's Birol

Global Leaders attend the Sydney Energy Forum
Executive Director of the International Energy Agency Fatih Birol speaks at the Sydney Energy Forum in Sydney, Australia July 12, 2022. Brook Mitchell/Pool via REUTERS

SINGAPORE, Oct 25 (Reuters) - The world will still need Russian oil to flow to the market despite a price cap, with between 80% to 90% an "encouraging level" to meet demand, the head of the International Energy Agency Fatih Birol said on Tuesday.

Details of a price cap on Russian oil still has many details to iron out, Birol said during the Singapore International Energy Week. The cap is designed to limit Russia's oil income in response to its invasion of Ukraine.

Birol also said the IEA expects renewable power additions will increase by close to 400 gigawatts in 2022, up by 20% from a year before.

Reporting by Florence Tan, Muyu Xu, Writing by Christian Schmollinger; Editing by Jacqueline Wong

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