Opec, IEA face-off reflects oil’s evolving role
The recent disagreement between Opec and the IEA over market volatility is rooted in the seismic shift required by the oil industry to avoid catastrophic climate change
Volatility, in particular the price effects emanating in the financial markets, was the keyword as some of the biggest names in oil market analysis gathered in Vienna for the ninth joint IEA-IEF-Opec Workshop at the end of April. The hospitality of the Opec secretariat was as welcoming as ever, and the tone of the discussions was friendly and cordial. However, on the same day of the forum, the new Opec secretary-general, Haitham al-Ghais, issued a statement criticising earlier comments of Fatih Birol, the IEA executive director, who said that Opec’s recent output cuts came as a “bad surprise”. Ghais pointed the finger at the IEA and its calls for an end to investing in oil as a more likely s
![](/images/white-fade.png)
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised