International Energy Agency (IEA) Executive Director Fatih Birol told CNBC on Friday, while attending the Munich Security Conference, that the rebound in China’s economy is currently the biggest uncertainty for the oil markets. He explained that although the crude markets are “balanced” at present, producers are focusing on the demand signals that will be coming from China. “How strong this advantage [China’s recovery] will be will decide the oil and gas market dynamics. If it’s a very strong rebound, there may be a need that oil producers will increase their production,” Birol noted. Previously, Chinese officials proclaimed that the country has managed to reach a “major and decisive victory” in preventing and controlling the COVID-19 pandemic. NN BaclkMask Blog: