OPEC head dismisses IEA prediction of oil glut amid Hormuz reopening
OPEC Secretary General Haitham al-Ghais on Thursday dismissed the International Energy Agency’s projection of a possible oil supply glut in global markets.
The International Energy Agency said on Wednesday that a lasting resolution to the conflict could drive a surge in supply volumes and trigger a major oil overhang next year, News.Az reports, citing CNBC.
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Its report said supply is expected to surge by 8 million barrels per day while demand rises by 2 million barrels per day in 2027.
But OPEC’s al-Ghais rejected the forecast in an exclusive interview with CNBC on Thursday.
He told CNBC’s Dan Murphy that “sometimes it’s best not to make such assumptions when they are not really based on facts and figures.”
“What does the IEA see that OPEC and the rest don’t see?” he said. ”[We focus] on fundamentals and not putting many ifs and buts in our forecasts, but rather focusing on actual numbers.”
“We’re not about making a fancy headline that will be catchy. Sometimes it’s best not to make such assumptions... when they are not really based on actual facts and figures.”
“Ultimately, these headlines only create more volatility.”
By Ulviyya Salmanli
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