Fossil Energy – OPEC
OPEC and allies including Russia have opted to drop their use of data from the International Energy Agency (IEA) in their monthly reporting.
Instead, the oil producers’ group will adopt Wood Mackenzie and Rystad Energy data as secondary sources.
Some OPEC+ members have criticised IEA data, saying it has been inaccurate on several occasions. They have also said the IEA has advised against further investment in the hydrocarbons sector. The IEA has predicted reduced future oil demand as the world seeks to shift to lower carbon fuel.
A statement from OPEC said the conference had a short meeting and approved the move with immediate effect.
The group has resisted repeated calls by the United States and the IEA to pump more crude to cool prices that climbed close to an all-time high after Washington and Brussels imposed sanctions on Moscow following its invasion of Ukraine.
OPEC provides two sets of numbers in its monthly reports. Its members communicate their production figures directly to the secretariat in Vienna.
The second is an amalgam from a number of reporting agencies.
In addition to WoodMac and Rystad, the secondary sources number comes from the incorporation of data from Argus Media, Energy Intelligence, the US Energy Information Administration (EIA), IHS Markit and S&P Global.
The IEA acknowledged OPEC’s decision. The agency said its “data and analysis remain available to all those seeking rigorous and objective market information. To support transparency, the IEA will henceforth make its monthly update on OPEC+ oil production available to the public.”