(CTN News) – After OPEC expedited its forecast by six months, the International Energy Agency intends to publish its first 2025 forecast in its monthly report by two or three months in April.
The Organization of Petroleum Exporting Countries and the International Energy Agency are two of the most closely watched oil forecasters, whose monthly reports can influence oil prices and provide insight into OPEC’s supply policy assumptions.
In response to an emailed question from Reuters, Toril Bosoni, head of the International Energy Agency’s Oil Industry and Markets Division, informed the news agency that the 2025 forecast would be published in April rather than June/July previously.
Our Medium Term Outlook will be published in June, so to avoid overlap, and to get a first detailed look at 2025 before moving forward to 2030, we advanced the date.” IEA and OPEC differ on the strength of demand growth in 2024, reflecting their divergent forecasts on how quickly the world will transition from fossil fuels.
As of 2030, the IEA, which represents industrialized countries, predicts that oil consumption will peak, contrary to OPEC’s belief.
Different viewpoints have caused the bodies to clash over investment in new oil supplies. Fossil fuel investment is undercut by the end of the growth era.
In breaking with its tradition of publishing its first forecast in July, OPEC last week projected that demand would increase by 1.8 million barrels per day in 2025 and said the publication was brought forward to provide “long-term guidance to the market.”.
Haitham Al Ghais, Secretary General of OPEC, published an article on the same day disputing that demand has reached its peak and urging continued investment in the oil industry.
Oil prices have been buffeted by uncertainty as doubts about the global economy and demand strength have outweighed possible disruptions in supply.