International Energy Agency (IEA) Chief Fatih Birol noted on Monday that Russia's oil production hasn't fallen as much as previously expected because it managed to find new markets outside Europe and added domestic demand remained robust, per Reuters. "Going forward, it would be difficult for Russia to maintain oil production due to the absence of western companies," Birol said.

Birol further noted that a further strategic petroleum reserve release was not off the table. He also reiterated that he stands by the IEA's report suggesting no new investments in oil and gas fields are needed if the world wants to achieve net zero emissions by 2050.

Market reaction

Crude oil prices edged modestly lower from session highs following these comments. The barrel of West Texas Intermediate (WTI) was trading at $95.70, where it was still up 3% on a daily basis.