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IEA and OPEC Forecasts Diverge Most Since 2008

OIL

OPEC and the IEA’s oil forecasts have their widest variation since 2008, according to Reuters.

  • Both groups disagree over not only the scale of demand growth but also whether or when demand will peak.
  • Reuters’ analysis of both OPEC and IEA forecasts since 2008 shows that OPEC has underestimated its forecast 8 times and overestimated 8 times.
  • Meanwhile, the IEA has underestimated 9 times and overestimated 7 times.
  • The IEA expects oil demand to grow by 1.2m b/d in 2024, while OPEC see demand rising by 2.25m b/d.

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