OPEC says IEA’s forecasts lack a realistic foundation
OPEC rejected the International Energy Agency’s forecasts that global oil markets will face a significant supply surplus in the coming years, arguing that such estimates are not supported by sufficient facts and data. 
OPEC Secretary General Haitham Al Ghais said the IEA’s projection of an increase in oil supply of around 8 million barrels per day (bpd) versus demand growth of 2 million bpd by 2027 lacks a realistic foundation.
Speaking to CNBC on Thursday, Al Ghais said OPEC bases its assessments on actual data and market fundamentals rather than assumptions that could contribute to greater price volatility.
He added that OPEC’s objective is not to issue attention-grabbing forecasts but to provide a balanced assessment of market conditions, warning that such projections could increase uncertainty and volatility in global energy markets.
OPEC says IEA’s forecasts lack a realistic foundation
OPEC rejected the International Energy Agency’s forecasts that global oil markets will face a significant supply surplus in the coming years, arguing that such estimates are not supported by sufficient facts and data.
OPEC Secretary General Haitham Al Ghais said the IEA’s projection of an increase in oil supply of around 8 million barrels per day (bpd) versus demand growth of 2 million bpd by 2027 lacks a realistic foundation.
Speaking to CNBC on Thursday, Al Ghais said OPEC bases its assessments on actual data and market fundamentals rather than assumptions that could contribute to greater price volatility.
He added that OPEC’s objective is not to issue attention-grabbing forecasts but to provide a balanced assessment of market conditions, warning that such projections could increase uncertainty and volatility in global energy markets.
