IEA, OPEC Views Diverge On 2014 ‘Call On OPEC’

The views of OPEC and OECD energy watchdog the International Energy Agency (IEA) on the global 2014 demand for OPEC crude have sharply diverged in their latest monthly reports.

While each chose to leave their forecasts for world oil demand in 2014 largely unchanged, the two energy bodies appear to be on very different pages when it comes to the global oil market’s need for OPEC crude, through to the end of the year.

With developments related to Russia’s annexation of Crimea continuing to unfold, the Paris-based IEA took heed of the most recent commentary from the International Monetary Fund (IMF) and World Bank, which both reduced their forecast of Russian GDP growth for 2014. At a minimum, the Russian economy could take a short-term hit as a result of the crisis, says the IEA in its latest oil market report. (CONTINUED - 987 WORDS)

DATA INSIDE THIS ARTICLE

table Opec Vs IEA Supply-Demand Balance, April 2014 Forecasts (Mn B/D)