He mentioned that while there may be some transition difficulties, the agency does not expect any major disruptions.
New Refineries to Mitigate Disruptions
According to Birol, the year's second half will see a significant amount of new refinery capacity coming online. As a result, the products will be rerouted worldwide, mitigating potential disruptions.
In conclusion, IEA Chief Fatih Birol believes that the new refinery capacity coming online and the rerouting of products worldwide will ensure that there will not be any major disruptions from the European Commission's proposal to cap prices on Russian oil products.