IEA chief says tighter energy markets expected in 2023

Executive Director of the International Energy Agency (IEA) Fatih Birol

Global energy markets may witness a higher-than-expected shortage of supplies this year, according to Executive Director of the International Energy Agency (IEA) Fatih Birol.

Although there is currently no tightness in the market, some looming uncertainties must be monitored closely, namely Chinese demand and Russian oil supplies, Birol told Reuters on the sidelines of the World Economic Forum (WEF) in Davos today, Jan. 19.

He expressed optimism that prices would not climb further in order to ease the pressure on energy-importing developing countries.

On Russia, Birol said its oil exports seemed to be more "resilient" than predicted at the beginning of last year.