Russian oil will have to return to the market to resolve the unprecedented global energy crisis, the head of the International Energy Agency, Fatih Birol, said on Tuesday, BI reports.

Birol warned that recent supply cuts have triggered "the first truly global energy crisis."

OPEC+, a group of oil-producing countries including Russia and Saudi Arabia, agreed earlier in October to cut oil production by 2 million barrels a day from November.

The policy increases the risk of a global recession as oil demand will exceed supply next year, Birol reportedly said at the Singapore Energy Week conference.

He said OPEC+ production cuts are particularly "risky as several economies around the world are on the brink of a recession, if that we are talking about the global recession."

OPEC+ supply cuts are expected to boost oil prices, which have fallen about 10 percent in the past three months after taking off just after the start of the war in Ukraine. Brent crude fell 1.2 percent to $90.28 a barrel at last check on Tuesday, while WTI crude fell 1.3 percent to $83.46 a barrel.

Rising crude oil prices are likely to cause inflation to rise and both industrial production and economic growth to fall. The IEA warned that this could lead to a recession in the global economy.

The agency said in its latest monthly oil report that given unrelenting inflationary pressures and rising interest rates, higher oil prices could prove to be a tipping point for a world economy already on the verge of recession.

The IEA forecasts that global oil consumption will increase by 1.7 million barrels per day in 2023. Russian oil will be needed to close the gap between supply and demand, Birol said.

The G7 countries - Canada, France, Germany, Italy, Japan, Britain and the United States - proposed backing the ban with a price cap on Russian supplies.  It was estimated that the measures would allow 80 to 90 percent of Russian oil to flow outside the cap mechanism, which Birol said would help offset a likely supply shortfall.

"I think this is good because the world still needs Russian oil to flow into the market for now," Birol said.

He added that 80 to 90 percent of Russian oil above the price cap "is good and encouraging level in order to meet the demand."

IEA members also have accumulated additional oil reserves that could be released to the market if there is a need to increase supply and lower prices, Birol said, according to Bloomberg. He said there is still a huge amount of inventory that needs to be released in case of running into supply disruptions. It's not currently on the agenda, but it could happen at any time.