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

Also in this section
17 June 2025
Israel’s attack on Iran caught oil firms with low inventories due to their efforts to protect themselves from falling prices, creating a perfect storm
17 June 2025
Sound development planning is essential in this diverse and rapidly evolving region
16 June 2025
The launch of the much-needed yet oft-delayed Africa Energy Bank remains shrouded in questions and funding constraints, but its potential is clear
16 June 2025
BP and partners have reached a $2.9b FID on a new phase at Shah Deniz, but slow progress on other gas projects is attributed to a lack of European support