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OPEC+ Removes IEA From Production Monitoring Panel

OPEC

OPEC+ has removed the Paris-based energy watchdog the International Energy Agency (IEA) from its panel of 'official' secondary sources which monitor the group's monthly crude production.

  • OPEC+ has suggested that the IEA data is compromised by a lack of political neutrality. The IEA has been critical of OPEC+ for 'not doing enough' to tackle high energy prices.
  • IEA executive director Fatih Birol said the group's decision to maintain a 400,000 b/d increase in April was disappointing.
  • The Joint Technical Committee which advises OPEC+ announced that it will be replacing the IEA with reports from Wood Mackenzie and Rystad Energy.
  • OPEC is is expected to maintain a modest production increase of approximately 432,000 b/d at a ministerial today and may follow suit with a similar announcement on the IEA.
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