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Opec: World Energy Watchdog IEA Cuts Oil Demand Forecast

In an interview with the Telegraph, Abdullah bin Hamad al-Attiyah, a senior adviser to the Emir of Qatar and a former president of the Organisation of Petroleum Exporting international locations (Opec) stated: “Opec cannot resolve this downside alone like earlier than, now it is a different story. Russia, Norway and Mexico all should sit down with Opec to debate making cuts.”

The IEA’s newest forecast comes after Opec diminished its own estimate for world oil demand next 12 months. The group, which is comprised of 12 oil producing states primarily from the Middle East, stated Wednesday that it now expects the world will require 70,000 bpd less oil subsequent yr than it had previously anticipated. The cartel now expects that total global oil demand may reach ninety two.26m bpd next yr.

Created in the early 1970s in response to the oil price disaster triggered by the Yom Kippur warfare, the IEA is seen by many as a counterbalance to the ability of petroleum refining design center the Opec, which is often accused of appearing like a cartel by controlling oil costs.

Underneath its charter, all IEA nations which are net oil importers should stockpile a minimum of ninety days’ worth of the earlier petroleum refining design center year’s imports as a way to safeguard against any sudden disruptions to world energy markets. In accordance with the IEA, its members now hold in storage about forty petroleum refining design center four days of total global consumption.

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